NIFTY trades above this level then we may witness a further rally up to 15020-15140-15205 levels - Axis Securities
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Nifty
Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 14906 with a loss of 124 points.
On the daily chart the index has formed a big bearish candle and has violated multiple day support of 15000 indicating negative 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 15000 level it would witness buying which would lead the index towards 15150-15300 levels. However if index breaks below 14850 level it would witness selling which would take the index towards 14600-14500. 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 positive from the oversold territory and is above its reference line indicating sustained uptrend.
The trend deciding level for the day is 14955. If NIFTY trades above this level then we may witness a further rally up to 15020-15140-15205 levels. However, if NIFTY trades below 14955 levels then we may see some profit booking initiating in the market, which may correct up to 14835-14770-14650 levels
Banknifty
Banknifty opened on a flat note but selling led the index downwards to end in red. Banknifty closed at 33335 with a loss of 351 points.
On the daily chart the index has formed a big bearish candle and has violated multiple day support of 33500 indicating negative bias.. 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 Banknifty crosses and sustains above 33700 level it would witness buying which would lead the index towards 34000-34500 levels. Important Supports for the day is around 33300 However if index sustains below 33300 then it may witness profit booking which would take the index towards 33000-32800 levels.. Banknifty is trading above its 20 day SMA which indicates positive bias in the short 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 33480. If BANK NIFTY trades above this level then we may witness a further rally up to 33690-34040-34245 levels. However, if BANK NIFTY trades below 33480 levels then we may see some profit booking initiating in the market, which may correct up to 33130-32920-32570 levels
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