Nifty opened on a flat note and witnessed buying momentum for first part of the session - Axis Securities
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Nifty
Nifty opened on a flat note and witnessed buying momentum for first part of the session. However selling pressure at higher levels dragged it lower to close near the day's low. Nifty closed at 16983 with a loss of 71 points.
On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 17100 level it would witness buying which would lead the index towards 17200-17300 levels. However if index breaks below 16900 level it would witness selling which would take the index towards 16800-16700. Nifty is trading below 20 , 50 and 100 day SMA indicating negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 17080. If NIFTY trades above this level then we may witness a further rally up to 17230-17475-17620 levels. However, if NIFTY trades below 17080 levels then we may see some profit booking initiating in the market, which may correct up to 16835-16685-16440 levels.
Banknifty
Banknifty opened on a flat note and witnessed buying momentum for first part of the session. However selling pressure at higher levels dragged it lower to close near the day's low. Banknifty closed at 35695 with a loss of 281 points.
On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Banknifty crosses and sustains above 35800 level it would witness buying which would lead the index towards 36200-36600 levels. However if index breaks below 35500 level it would witness selling which would take the index towards 35100-34800. Banknifty is trading below 20,50 and 100 day SMA indicating negative bias in the short to medium term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 36000. If BANK NIFTY trades above this level then we may witness a further rally up to 36470-37245-37720 levels. However, if BANK NIFTY trades below 36000 levels then we may see some profit booking initiating in the market, which may correct up to 35225-34750-33975 levels.
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