Nifty opened lower with a downward gap and reamined lackluster within a narrow trading range throughout the session - Axis Securities
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 lower with a downward gap and reamined lackluster within a narrow trading range throughout the session. On 31st May, Nifty closed at 18534 with a loss of 99 points.
On the daily chart the index has formed a small bearish candle with either side shadows indicating lackluster movement throughout the session. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18600 level it would witness buying which would lead the index towards 18700-18800 levels. Important Support for the day is around 18450 However if index sustains belwo 18450 then it may witness profit booking which would take the index towards 18400-18300 levels.. Nifty is trading above 20, 50, 100 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 18540. If NIFTY trades above this level then we may witness a further rally up to 18600-18660-18720 levels. However, if NIFTY trades below 18540 levels then we may see some profit booking initiating in the market, which may correct up to 18480-18420-18355 levels.
Banknifty
Banknifty opened lower with a downward gap and extended selling momentum in the first half however buying momentum at lower levels erased some of the earlier losses. On 31st May, Banknifty closed at 44128 with a loss of 308 points.
On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 44250 level it would witness buying which would lead the index towards 44350-44500 levels. Important Support for the day is around 44000 However if index sustains below 44000 then it may witness profit booking which would take the index towards 43900-43800 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 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 44095. If BANK NIFTY trades above this level then we may witness a further rally up to 44370-44615-44885 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 43855- 43580-43340 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
