Nifty opened on a flat note and remained lackluster within a narrow trading range throughout the day - Axis Securities
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Nifty
Nifty opened on a flat note and remained lackluster within a narrow trading range throughout the day. Nifty closed at 18618 with a gain of 55 points.
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. 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 18700 level it would witness buying which would lead the index towards 18800-18900 levels. Important Support for the day is around 18500 However if index sustains below 18500 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 moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 18615. If NIFTY trades above this level then we may witness a further rally up to 18680-18740-18805 levels. However, if NIFTY trades below 18615 levels then we may see some profit booking initiating in the market, which may correct up to 18555-18490-18430 levels
Banknifty
Banknifty opened on a flat note and remained in a small range throughout the day. Banknifty closed at 43053 with a gain of 33 points.
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. 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 43200 level it would witness buying which would lead the index towards 43500-43700 levels. Important Support for the day is around 42900 However if index sustains below 42900 then it may witness profit booking which would take the index towards 42700-42500 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 43095. If BANK NIFTY trades above this level then we may witness a further rally up to 43235-43420-43555 levels. However, if BANK NIFTY trades below 43095 levels then we may see some profit booking initiating in the market, which may correct up to 42915-42775-42595 levels
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