Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day - Axis Securities
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Nifty
Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Nifty closed at 18244 with a gain of 84 points.
On the daily chart index has formed a small bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side. 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 18300 level it would witness buying which would lead the index towards 18400-18500 levels. Important Supports for the day is around 18100 However if index sustains below 18200 then it may witness profit booking which would take the index towards 18100-18000 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 has turned negative from the overbought territory and is below its reference line indicating profit booking.
The trend deciding level for the day is 18215. If NIFTY trades above this level then we may witness a further rally up to 18290-18340-18415 levels. However, if NIFTY trades below 18215 levels then we may see some profit booking initiating in the market, which may correct up to 18165-18090-18045 levels
Banknifty
Banknifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Banknifty closed at 42457 with a gain of 111 points.
On the daily chart index has formed a small bearish candle forming higher High-Low compared to previous session indicating positive bias. 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 42600 level it would witness buying which would lead the index towards 42700-42900 levels. Important Support for the day is around 42300 However if index sustains below 42300 then it may witness profit booking which would take the index towards 42100-42000 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 medium and long term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI continue to remain flat and is above its reference line indicating absence of momentum on either side
The trend deciding level for the day is 42440. If BANK NIFTY trades above this level then we may witness a further rally up to 42530-42600-42690 levels. However, if BANK NIFTY trades below 42440 levels then we may see some profit booking initiating in the market, which may correct up to 42365-42275-42205 levels
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