Nifty opened on a flat note and remained in a small range throughout the day - 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 remained in a small range throughout the day. Nifty closed at 17605 with a gain of 27 points.
On the daily chart index has formed a bullish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an uptrend. 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. However if index breaks below 17500 level it would witness selling which would take the index towards 17400-17300. Nifty is trading above its 20, 50 , 100 and 200 day SMA which indicates positive bias in the short 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 has turned negative from the overbought territory and is below its reference line indicating profit booking.
The trend deciding level for the day is 17575. If NIFTY trades above this level then we may witness a further rally up to 17655-17700-17775 levels. However, if NIFTY trades below 17575 levels then we may see some profit booking initiating in the market, which may correct up to 17530-17450-17405 levels.
Banknifty
Banknifty opened with a downward gap however buying support at lower levels pulled the index to end on a positive note. Banknifty closed at 39039 with a gain of 341 points.
On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. 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 Banknifty crosses and sustains above 39200 level it would witness buying which would lead the index towards 39500-39800 levels. However if index breaks below 38800 level it would witness selling which would take the index towards 38600-38300. Banknifty is trading above 20, 50 , 100 and 200 day SMA indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias.
The trend deciding level for the day is 38905. If BANK NIFTY trades above this level then we may witness a further rally up to 39255-39470-39825 levels. However, if BANK NIFTY trades below 38905 levels then we may see some profit booking initiating in the market, which may correct up to 38685-38335-38120 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
