If NIFTY trades above this level then we may witness a further rally up to 15900-15930-15960 levels - Axis Securities
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Nifty
Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 15869 with a gain of 57 points.
On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. 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 16000-16200 levels. However if index breaks below 15800 level it would witness selling which would take the index towards 15650-15500. 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 15870. If NIFTY trades above this level then we may witness a further rally up to 15900-15930-15960 levels. However, if NIFTY trades below 15870 levels then we may see some profit booking initiating in the market, which may correct up to 15840-15810-15780 levels
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 35248 with a gain of 297 points.
On the daily chart index has formed a bullish candle and has closed above its previous major resistance of 35000 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 35400 level it would witness buying which would lead the index towards 35700-36000 levels. Important Supports for the day is around 34800 However if index sustains belwo 34800 then it may witness profit booking which would take the index towards 34400-34000 levels.. Banknifty has bounced from the 20-day SMA (approx 34950) indicating strength in near 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 continue to remian flat and is below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 35160. If BANK NIFTY trades above this level then we may witness a further rally up to 35405-35560-35805 levels. However, if BANK NIFTY trades below 35160 levels then we may see some profit booking initiating in the market, which may correct up to 35005-34760-34605 levels
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