If NIFTY trades above this level then we may witness a further rally up to 15865-15900-15950 levels - Axis Securities
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Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 15834 with a gain of 112 points.
On the daily chart index has formed a bullish candle and has closed above its past four session's consolidation range represeing positive bias ahead. 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 15900 level it would witness buying which would lead the index towards 16000-16100 levels. However if index breaks below 15750 level it would witness selling which would take the index towards 15700-15650. 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 15815. If NIFTY trades above this level then we may witness a further rally up to 15865-15900-15950 levels. However, if NIFTY trades below 15815 levels then we may see some profit booking initiating in the market, which may correct up to 15780-15730-15700 levels.
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 35212 with a gain of 402 points.
On the daily chart index has formed a bullish candle and has closed above its previous session's high 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 35300 level it would witness buying which would lead the index towards 35500-35600 levels. However if index breaks below 35000 level it would witness selling which would take the index towards 34900-34700. Banknifty is trading above 20 and 50 day SMA's indicating positive 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 is moving upwards and is above its reference line indicating positive bias
The trend deciding level for the day is 35125. If BANK NIFTY trades above this level then we may witness a further rally up to 35320-35430-35630 levels. However, if BANK NIFTY trades below 35125 levels then we may see some profit booking initiating in the market, which may correct up to 35015- 34815-34705 levels.
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