NIFTY trades above this level then we may witness a further rally up to 19355-19455-19520 levels - Axis Securities Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end on a negative/flat note. Nifty closed at 19254 on 31st August with a loss of 94 points.
On the daily chart, the index has formed a sizable bearish candle forming lower High-Low and has also closed below previous session low indicating further weakness. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 19300 level it would witness buying which would lead the index towards 19400-19500 levels. Important Supports for the day is around 19200 However if index sustains below 19200 then it may witness profit booking which would take the index towards 19100-19000 levels. Nifty is trading below 20 and 50 day SMA's which indicating negative bias in the short term. Nifty continues to remain in a downtrend in the short term, so exit on small pullback rallies to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias
The trend deciding level for the day is 19290. If NIFTY trades above this level then we may witness a further rally up to 19355-19455-19520 levels. However, if NIFTY trades below 19290 levels then we may see some profit booking initiating in the market, which may correct up to 19190-19125-19025 levels.
Banknifty
Banknifty opened with an upward gap but witnessed selling from the opening tick to close on a negative note. Banknifty closed at 43989 on 31st August with a loss of 243 points.
On the daily chart the index has formed a sizable bearish candle and violated previous session’s low indicating further weakness. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 44200 level it would witness buying which would lead the index towards 44400-44600 levels. Important Supports for the day is around 43900 However if index sustains below 43900 then it may witness profit booking which would take the index towards 43700-43500 levels.. Banknifty is trading below its 20-50 day SMA which indicates negative bias in the short term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias.
The trend deciding level for the day is 44095. If BANK NIFTY trades above this level then we may witness a further rally up to 44295-44600-44800 levels. However, if BANK NIFTY trades below 44095 levels then we may see some profit booking initiating in the market, which may correct up to 43790-43590-43285 levels.
To Read Complete Report & Disclaimer Click Here
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
