Nifty opened with an upward gap and remained in positive terrain throughout the day - Axis Securities
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Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 17936 with a gain of 103 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 18000 level it would witness buying which would lead the index towards 18100-18200 levels. Important support for the day is around 17850 however if index sustains below 17850 then it may witness profit booking which would take the index towards 17800-17700 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 moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 17940. If NIFTY trades above this level then we may witness a further rally up to 17995-18035-18085 levels. However, if NIFTY trades below 17940 levels then we may see some profit booking initiating in the market, which may correct up to 17905-17850-17810 levels.
Banknifty
Banknifty opened with an upward gap and extreme volatility on either side throughout the day. Banknifty closed at 40574 with a gain of 158 points.
On the daily chart the index has formed a small bullish candle with shadows on either side representing extreme volatility as well as indecisiveness amongst participants regarding the direction. 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 40700 levels it would witness buying which would lead the index towards 40800-41000 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 40200-40100 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 short and medium, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 40545. If BANK NIFTY trades above this level then we may witness a further rally up to 40715-40855-41020 levels. However, if BANK NIFTY trades below 40545 levels then we may see some profit booking initiating in the market, which may correct up to 40405-40240-40100 levels
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