Nifty opened on a positive note and traded with extreme volatility throughout the Budget day's trading session - Axis Securities
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Nifty
Nifty opened on a positive note and traded with extreme volatility throughout the Budget day's trading session. Nifty closed at 17616 with a loss of 46 points.
On the daily chart the index has formed a Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The index is approaching a lower band of falling channel from the alltime high of 18887 which also confluence with 200 SMA placed at 17290 level and a gap area around 17328-17434. bias. 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. Important Support for the day is around 17500 However if index sustains below 17500 then it may witness profit booking which would take the index towards 17400-17300 levels.. Nifty is trading above longer term averages of 200 SMA indicating positive bias in the medium term.. Nifty continues to remain in an uptrend for the medium 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 17645. If NIFTY trades above this level then we may witness a further rally up to 17940-18265-18560 levels. However, if NIFTY trades below 17645 levels then we may see some profit booking initiating in the market, which may correct up to 17320-17030-16705 levels.
Banknifty
Banknifty opened with an upward gap and witnessed extreme volatility on either side throughout the day. Banknifty closed at 40513 with a loss of 142 points.
On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. 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 crosses and sustains above 40700 level it would witness buying which would lead the index towards 41000-41200 levels. Important Support for the day is around 40400 However if index sustains below 40400 then it may witness profit booking which would take the index towards 40200-40000 levels. Banknifty is trading above its 200 day SMA which indicates positive bias in the short 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 downwards and is quoting below its reference line indicating negative bias.
The trend deciding level for the day is 40675. If BANK NIFTY trades above this level then we may witness a further rally up to 41855-43200-44380 levels. However, if BANK NIFTY trades below 40675 levels then we may see some profit booking initiating in the market, which may correct up to 39330-38150-36805 levels.
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