Nifty opened on a positive note and extended buying momentum in the initial hour - Axis Securities
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Nifty
Nifty opened on a positive note and extended buying momentum in the initial hour but selling pressure at higher levels dragged index lower however it closed in green. Nifty closed at 19439 on 11th July with a gain of 84 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 19500 level it would witness buying which would lead the index towards 19600-19700 levels. Important Support for the day is around 19400 However if index sustains below 19400 then it may witness profit booking which would take the index towards 19300-19200 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 at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.
The trend deciding level for the day is 19455. If NIFTY trades above this level then we may witness a further rally up to 19500-19560-19610 levels. However, if NIFTY trades below 19455 levels then we may see some profit booking initiating in the market, which may correct up to 19390-19345-19285 levels
Banknifty
Banknifty opened on a positive note and extended buying momentum in the first half however profit booking in the second half led the index to close on a negative note. Banknifty closed at 44745 on 11th July with a loss of 116 points.
On the daily chart, the index has formed a bearish candle forming lower High-Low compared to previous session indicating further weakness. 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 Nifty crosses and sustains above 44900 level it would witness buying which would lead the index towards 45000-45100 levels. Important Support for the day is around 44650 However if index sustains below 44650 then it may witness profit booking which would take the index towards 44600-44500 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 continues to remain flat and is below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 44850. If BANK NIFTY trades above this level then we may witness a further rally up to 45035-45325-45510 levels. However, if BANK NIFTY trades below 44850 levels then we may see some profit booking initiating in the market, which may correct up to 44560-44375-44080 levels.
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