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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 15246 with a gain of 327 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 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 breaks and sustains below 15100 level it would witness selling which would lead the index towards 14900-14700 levels. Important Resistances for the day are placed at 15400-15500.

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 15170. If NIFTY trades above this level then we may witness a further rally up to 15345-15450-15625 levels. However, if NIFTY trades below 15170 levels then we may see some profit booking initiating in the market, which may correct up to 15070-14895-14795 levels

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 36368 with a gain of 948 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 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 36500 level it would witness buying which would lead the index towards 36800-37100 levels. However if index breaks below 36000 level it would witness selling which would take the index towards 35700- 35400.

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 buy ing on dips continues to be our preferred strategy. The daily strength indicator RSI has bounced from the 50 mark indicating change of momentum on the positive side.

The trend deciding level for the day is 36130. If BANK NIFTY trades above this level then we may witness a further rally up to 36690-37015-37575 levels. However, if BANK NIFTY trades below 36130 levels then we may see some profit booking initiating in the market, which may correct up to 35805-35245-34925 levels

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