Nifty opened on a flat note and buying momentum 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 on a flat note and buying momentum throughout the session let it close near the day's high. Nifty closed at 18420 with a gain of 151 points.
On the daily chart index has formed a bullish candle which almost engulfed the previous session representing positive bias ahead. 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 18500 level it would witness buying which would lead the index towards 18600-18700 levels. Important Support for the day is around 18300 However if index sustains below 18300 then it may witness profit booking which would take the index towards 18200- 18100 levels. Nifty is trading above 50, 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 at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.
The trend deciding level for the day is 18365. If NIFTY trades above this level then we may witness a further rally up to 18485-18555-18675 levels. However, if NIFTY trades below 18365 levels then we may see some profit booking initiating in the market, which may correct up to 18300-18180-18110 levels.
Banknifty
Banknifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Banknifty closed at 43414 with a gain of 194 points.
On the daily chart the index has formed a Bullish 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 medium term up trend. The chart pattern suggests that if Nifty crosses and sustains above 43500 level it would witness buying which would lead the index towards 43700-43900 levels. Important Support for the day is around 43300 However if index sustains below 43300 then it may witness profit booking which would take the index towards 43100-42900 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 continues to remain flat and is below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 43325. If BANK NIFTY trades above this level then we may witness a further rally up to 43540-43665-43880 levels. However, if BANK NIFTY trades below 43325 levels then we may see some profit booking initiating in the market, which may correct up to 43200
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
