Nifty opened with an upward gap and witnessed a selling pressure indicating profit booking at higher levels - Axis Securities
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Nifty
Nifty opened with an upward gap and witnessed a selling pressure indicating profit booking at higher levels. Nifty closed at 17711 with a gain of 117 points.
On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance around 17800 level. The index faces a resistance at the bearish gap area around 17800 formed on 22Feb, 2023. 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. Important Support for the day is around 17700 However if index sustains below 17650 then it may witness profit booking which would take the index towards 17600-17500 levels.. Nifty is trading above the 200 day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the medium 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 17730. If NIFTY trades above this level then we may witness a further rally up to 17785-17855-17910 levels. However, if NIFTY trades below 17730 levels then we may see some profit booking initiating in the market, which may correct up to 17655-17600-17530 levels.
Bank Nifty
Banknifty opened with an upward gap and witnessed extreme volatility on either side throughout the day. Banknifty closed at 41350 with a gain of 99 points.
On the daily chart the index has formed a bearish candle with a long upper shadow indicating selling pressure as well as resistance at higher 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 41500 level it would witness buying which would lead the index towards 41650-41800 levels. Important Support for the day is around 41200 However if index sustains below 41200 then it may witness profit booking which would take the index towards 41000-40900 levels.. Banknifty is trading above its 200 day SMA which indicates positive bias in the medium 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 41425. If BANK NIFTY trades above this level then we may witness a further rally up to 41595-41840-42005 levels. However, if BANK NIFTY trades below 41425 levels then we may see some profit booking initiating in the market, which may correct up to 41185-41015-40770 levels.
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