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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 14942 with a gain of 119 points.

On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 15000 level it would witness buying which would lead the index towards 15100-15200 levels. However if index breaks below 14900 level it would witness selling which would take the index towards 14800-14700. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty 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 the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 14935. If NIFTY trades above this level then we may witness a further rally up to 14975-15010-15050 levels. However, if NIFTY trades below 14935 levels then we may see some profit booking initiating in the market, which may correct up to 14900-14860-14825 levels

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 33142 with a gain of 238 points.

On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Banknifty crosses and sustains above 33500 level it would witness buying which would lead the index towards 34000-34500 levels. Important Supports for the day is around 33000 However if index sustains below 33000 then it may witness profit booking which would take the index towards 31600-31200 levels.. Banknifty is trading above its 20 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 has turned positive from the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 33155. If BANK NIFTY trades above this level then we may witness a further rally up to 33285-33425-33555 levels. However, if BANK NIFTY trades below 33155 levels then we may see some profit booking initiating in the market, which may correct up to 33015-32885-32745 levels

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