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Nifty

Nifty opened with a downward gap but witnessed buying from the opening hour to end on a positive note. Nifty closed at 17312 with a gain of 126 points.

On the daily chart index has formed a bullish candle which engulfed the previous session representing positive bias ahead. Index is expected to move in a rising channel.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 17400 level it would witness buying which would lead the index towards 17500-17600 levels. Important support for the day is around 17200 However if index sustains below 17200 then it may witness profit booking which would take the index towards 17100-17000 levels.. Nifty is trading above 20, 100 and 200 day SMA indicating positive bias in the 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 is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 17245. If NIFTY trades above this level then we may witness a further rally up to 17395-17475-17625 levels. However, if NIFTY trades below 17245 levels then we may see some profit booking initiating in the market, which may correct up to 17165-17015-16935 levels

Banknifty

Banknifty opened on a flat note but buying led the index upwards to end in the green. Banknifty closed at 39920 with a gain of 615 points.

On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating short term up trend. The chart pattern suggests that if Banknifty crosses and sustains above 40100 level it would witness buying which would lead the index towards 40300-40500 levels. Important supports for the day is around 39700 However if index sustains below 39700 then it may witness profit booking which would take the index towards 39500-39300 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 39680. If BANK NIFTY trades above this level then we may witness a further rally up to 40215-40510-41045 levels. However, if BANK NIFTY trades below 39680 levels then we may see some profit booking initiating in the market, which may correct up to 39385- 38855-38560 levels

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