If NIFTY trades above this level then we may witness a further rally up to 15860-15950-16005 levels - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty opened on a positive note and extended buying momentum in the first half however heavy selling in the second half led the index to close on a negative note. Nifty closed at 15773 with a gain of 26 points.
On the daily chart index has formed a bearish candle however it has made a higher high-low indicating positive bias.. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15900-16000 levels. However if index breaks below 15700 level it would witness selling which would take the index towards 15600-15500. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy
The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.
The trend deciding level for the day is 15805. If NIFTY trades above this level then we may witness a further rally up to 15860-15950-16005 levels. However, if NIFTY trades below 15805 levels then we may see some profit booking initiating in the market, which may correct up to 15720-15665-15575 levels
Banknifty
Banknifty opened on a positive note and extended buying momentum in the first half however profit booking in the second half led the index to close on a negative note. Banknifty closed at 34745 with a loss of 126 points.
On the daily chart index has formed a bearish candle however it has made a higher high-low indicating positive bias.. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35400-35800 levels. Important Supports for the day is around 34600 However if index sustains belwo 34600 then it may witness profit booking which would take the index towards 34200- 33800 levels.. Banknifty is trading below 20 day SMA indicating negative bias in the short to medium term. Banknifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.
The trend deciding level for the day is 34895. If BANK NIFTY trades above this level then we may witness a further rally up to 35130-35515-35745 levels. However, if BANK NIFTY trades below 34895 levels then we may see some profit booking initiating in the market, which may correct up to 34510-34280-33895 levels
To Read Complete Report & Disclaimer Click Here
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
