Nifty opened with a downward gap but witnessed buying from the first hour - Axis Securities
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Nifty
Nifty opened with a downward gap but witnessed buying from the first hour however the index closed in red. Nifty closed at 17241 with a loss of 74 points.
On the daily chart index has formed a bullish candle and has closed near its previous session's low representing an attempt by bulls to come back.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 17300 level it would witness buying which would lead the index towards 17400-17500 levels. Important support for the day is around 17200 However if index sustains below 17200 then it may witness profit booking which would take the index towards 17100-17000 levels.. Nifty is sustaining above its 100,200 day SMA which signals bullish sentiments in near 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 has turned positive from the oversold territory and is above its reference line indicating positive bias
The trend deciding level for the day is 17195. If NIFTY trades above this level then we may witness a further rally up to 17325-17410-17540 levels. However, if NIFTY trades below 17195 levels then we may see some profit booking initiating in the market, which may correct up to 17110-16980-16895 levels
Banknifty
Banknifty opened with a downward gap however buying support at lower levels pulled the index higher but it closed on a negative note. Banknifty closed at 39093 with a loss of 85 points.
On the daily chart index has formed a bullish candle and has closed near its previous session's low representing an attempt by bulls to come back. 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 39200 level it would witness buying which would lead the index towards 39400-39600 levels. Important support for the day is around 39000 However if index sustains below 39000 then it may witness profit booking which would take the index towards 38800-38600 levels.. Banknifty is sustaining above its 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 has turned positive from oversold and is above its reference line indicating sustained strength
The trend deciding level for the day is 39075. If BANK NIFTY trades above this level then we may witness a further rally up to 39340-39500-39765 levels. However, if BANK NIFTY trades below 39075 levels then we may see some profit booking initiating in the market, which may correct up to 38910- 38645-38485 levels
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