Nifty opened on a flat note and witnessed selling for first part of the session - Axis Securities
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Nifty
Nifty opened on a flat note and witnessed selling for first part of the session. However last hour pullback action pulled index higher and recovered some of the earlier losses. Nifty closed at 14930 with a loss of 101 points.
On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 14850 level it would witness selling which would lead the index towards 14700-14600 levels. Important Resistances for the day are placed at 15200-15300. Nifty is trading below 20 day SMA indicating negative bias in the short to medium 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 downwards and is quoting below its reference line indicating negative bias.
The trend deciding level for the day is 14910. If NIFTY trades above this level then we may witness a further rally up to 15070-15210-15375 levels. However, if NIFTY trades below 14910 levels then we may see some profit booking initiating in the market, which may correct up to 14765-14605-14465 levels.
Banknifty
Banknifty opened on a flat note and witnessed selling for first part of the session. However last hour pullback action pulled index higher and recovered some of the earlier losses. Banknifty closed at 35183 with a loss of 314 points.
On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. The chart pattern suggests that if Banknifty crosses and sustains above 35500 level it would witness buying which would lead the index towards 36000-36500 levels. However if index breaks below 35000 level it would witness selling which would take the index towards 34500-34000. 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 continue to remian flat and is below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 35050. If BANK NIFTY trades above this level then we may witness a further rally up to 35675-36165-36790 levels. However, if BANK NIFTY trades below 35050 levels then we may see some profit booking initiating in the market, which may correct up to 34560-33940-33445 levels
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