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Nifty

Nifty opened on a flat note and buying momentum throughout the session let it close near the day's high. Nifty closed at 19979 on 20th July with a gain of 146 points.

On the daily chart index has formed a bullish candle and has closed at new all time highs indicating positive bias. . 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 20000 level it would witness buying which would lead the index towards 20100-20200 levels. Important Support for the day is around 19900 However if index sustains below 19900 then it may witness profit booking which would take the index towards 19800-19700 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 moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 19910. If NIFTY trades above this level then we may witness a further rally up to 20060-20145-20295 levels. However, if NIFTY trades below 19910 levels then we may see some profit booking initiating in the market, which may correct up to 19830-19675-19595 levels.

Bank Nifty

Banknifty opened on a flat note but buying led the index upwards to end in the green. Banknifty closed at 46187 on 20th July with a gain of 518 points.

On the daily chart index has formed a bullish candle and has formed a higher High-Low formation indicating positive bias. 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 46250 level it would witness buying which would lead the index towards 46350-46500 levels. Important Support for the day is around 46000 However if index sustains below 46000 then it may witness profit booking which would take the index towards 45900-45800 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 46030. If BANK NIFTY trades above this level then we may witness a further rally up to 46415-46645-47030 levels. However, if BANK NIFTY trades below 46030 levels then we may see some profit booking initiating in the market, which may correct up to 45800-45415-45185 levels.

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