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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. On 18th April, Nifty closed at 17660 with a loss of 47 points. On the daily chart index has formed a bearish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side. 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 17700 level it would witness buying which would lead the index towards 17800-17900 levels. Important Support for the day is around 17600 However if index sustains below 17600 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 is at a verge of crossover below its reference line. Sustaining below its reference line will turn bias negative. The trend deciding level for the day is 17680. If NIFTY trades above this level then we may witness a further rally up to 17750-17835-17905 levels. However, if NIFTY trades below 17680 levels then we may see some profit booking initiating in the market, which may correct up to 17590-17525-17435 levels.

Banknifty

Banknifty opened with an upward gap and formed shadows on either side indicating lack of bullish confidence amongst participants. On 18th April, Banknifty closed at 42265 with a gain of 3 points. On the daily chart index has formed a bearish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side. 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 42400 level it would witness buying which would lead the index towards 42500-42700 levels. Important Support for the day is around 42100 However if index sustains below 42100 then it may witness profit booking which would take the index towards 42000-41800 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 42295. If BANK NIFTY trades above this level then we may witness a further rally up to 42470-42680-42860 levels. However, if BANK NIFTY trades below 42295 levels then we may see some profit booking initiating in the market, which may correct up to 42085-41905-41700 levels.

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