IGI Logo

Nifty

Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. On 2nd May, Nifty closed at 18148 with a gain of 83 points.

On the daily chart, the index has formed a small bullish candle with shadows on either side representing indecisiveness amongst participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating up trend. The chart pattern suggests that if Nifty crosses and sustains above 18200 level it would witness buying which would lead the index towards 18300-18400 levels. However if index breaks below 18100 level it would witness selling which would take the index towards 18000-17800. 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 is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 18145. If NIFTY trades above this level then we may witness a further rally up to 18185-18220-18265 levels. However, if NIFTY trades below 18145 levels then we may see some profit booking initiating in the market, which may correct up to 18105-18065-18030 levels.

Banknifty

Banknifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Banknifty closed at 43352 with a gain of 118 points.

On the daily chart the index has formed a bearish candle with either side long shadows indicating indecision at higher levels. 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 42500 level it would witness buying which would lead the index towards 44000-44200 levels. However if index breaks below 43200 level it would witness selling which would take the index towards 43000-42800. 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 is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 43370. If BANK NIFTY trades above this level then we may witness a further rally up to 43470-43585-43680 levels. However, if BANK NIFTY trades below 43370 levels then we may see some profit booking initiating in the market, which may correct up to 43255-43155-43040 levels.

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer