If NIFTY trades above this level then we may witness a further rally up to 16305-16355-16420 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 16259 with a gain of 128 points.
On the daily chart index has formed a bullish candle and has closed above its past four session's consolidation range representing 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 16300 level it would witness buying which would lead the index towards 16500-16600 levels. However if index breaks below 16200 level it would witness selling which would take the index towards 16000-15900. Nifty is trading above 20 and 50 day SMA's indicating positive bias in the short to medium 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 positive from the oversold territory and is above its reference line indicating sustained uptrend.
The trend deciding level for the day is 16240. If NIFTY trades above this level then we may witness a further rally up to 16305-16355-16420 levels. However, if NIFTY trades below 16240 levels then we may see some profit booking initiating in the market, which may correct up to 16195-16130-16080 levels
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 36028 with a gain of 821 points.
On the daily chart index has formed a bullish candle and has closed above its past four session's consolidation range representing 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 Banknifty crosses and sustains above 36300 level it would witness buying which would lead the index towards 36700-37000 levels. Important Supports for the day is around 35600 However if index sustains below 35600 then it may witness profit booking which would take the index towards 35400-35200 levels. 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 has turned positive from the oversold territory and is above its reference line indicating sustained uptrend.
The trend deciding level for the day is 35855. If BANK NIFTY trades above this level then we may wit ness a further rally up to 36395-36760-37300 levels. However, if BANK NIFTY trades below 35855 levels then we may see some profit booking initiating in the market, which may correct up to 35485-34945-34580 levels
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