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Nifty

Nifty opened on a flat note and remained in a small range throughout the day. On 19th April, Nifty closed at 17619 with a loss of 41 points. On the daily chart the index has formed a small bearish candle with either side shadows indicating lackluster movement throughout the session. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17650 level it would witness buying which would lead the index towards 17700-17800 levels. Important Support for the day is around 17550 However if index sustains below 17550 then it may witness profit booking which would take the index towards 17500-17400 levels.. Nifty is trading above 20, 50 and 200 day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short 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. Sustaining below its reference line indicates profit booking, The trend deciding level for the day is 17620. If NIFTY trades above this level then we may witness a further rally up to 17665-17710-17750 levels. However, if NIFTY trades below 17620 levels then we may see some profit booking initiating in the market, which may correct up to 17575-17535-17490 levels.

Bank nifty

Bank nifty opened on a flat note and remained in a small range throughout the day. On 19th April, Banknifty closed at 42154 with a loss of 111 points. On the daily chart the index has formed a small bearish candle with either side shadows indicating lackluster movement throughout the session. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 42300 level it would witness buying which would lead the index towards 42500-42600 levels. Important Support for the day is around 42000 However if index sustains below 42000 then it may witness profit booking which would take the index towards 41800-41700 levels.. Banknifty is sustaining above its 20, 50, 100 and 200- day SMA which signals bullish sentiments 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 42170. If BANK NIFTY trades above this level then we may witness a further rally up to 42320-42490-42640 levels. However, if BANK NIFTY trades below 42170 levels then we may see some profit booking initiating in the market, which may correct up to 42005-41855-41685 levels.

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