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Nifty

Nifty opened with an upward gap and buying momentum throughout thes session led it to close on a strong note. Nifty closed at 17759 with a gain of 446 points.

On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an up trend. The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which would lead the index towards 17900-18000 levels. However if the index breaks below 17700 level it would witness selling which would take the index towards 17600-17500. Nifty is trading above its 20, 50 , 100 and 200 day SMA which indicates positive bias in the short 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 negative from the overbought territory and is below its reference line indicating profit booking.

The trend deciding level for the day is 17645. If NIFTY trades above this level then we may witness a further rally up to 17890-18020-18265 levels. However, if NIFTY trades below 17645 levels then we may see some profit booking initiating in the market, which may correct up to 17515-17270-17140 levels.

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 39537 with a gain of 1260 points.

On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating short term up trend. The chart pattern suggests that if Banknifty crosses and sustains above 39700 level it would witness buying which would lead the index towards 39900-40200 levels. However if index breaks below 39400 level it would witness selling which would take the index towards 39200-39000. Banknifty is trading above 20, 50 , 100 and 200 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating profit booking at higher levels.

The trend deciding level for the day is 39205. If BANK NIFTY trades above this level then we may witness a further rally up to 39940-40340-41070 levels. However, if BANK NIFTY trades below 39205 levels then we may see some profit booking initiating in the market, which may correct up to 38805-38070-37670 levels.

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