Nifty opened on a flat note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day - Axis Securities
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Nifty
Nifty opened on a flat note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day.. Nifty closed at 15818 with a loss of 16 points.3
On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. Since past four-five sessions index continue to consolidate in a broad trading range (15600-15900) representing sideways trend. The chart pattern suggests that if Nifty crosses and sustains above 15900 level it would witness buying which would lead the index towards 16000-16100 levels. However if index breaks below 15700 level it would witness selling which would take the index towards 15600-15500. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty 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 15845. If NIFTY trades above this level then we may witness a further rally up to 15890-15960-16000 levels. However, if NIFTY trades below 15845 levels then we may see some profit booking initiating in the market, which may correct up to 15775-15730-15660 levels
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 35579 with a gain of 367 points.
On the daily chart index has formed a bullish candle and has closed above its past four session's consolidation range represeing positive bias ahead. . The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 36000 level it would witness buying which would lead the index towards 36500-37000 levels. Important Supports for the day is around 35000 However if index sustains belwo 35000 then it may witness profit booking which would take the index towards 34500-34000 levels.. Banknifty is trading below 20 day SMA indicating negative bias in the short to medium 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 35515. If BANK NIFTY trades above this level then we may witness a further rally up to 35870-36160-36510 levels. However, if BANK NIFTY trades below 35515 levels then we may see some profit booking initiating in the market, which may correct up to 35225-34875-34585 levels
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