IGI Logo

Nifty

Nifty started the week on a flat note and remained consolidated within 18100-17800 levels throughout the week indicating lack of strength on either side. Nifty closed at 18103 with a gain of 186 points on a weekly basis.

On the weekly chart the index has formed a small Bullish candle carrying lower shadow indicating buying support at lower levels.The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18100 level it would witness buying which would lead the index towards 18300-18500 levels. However if the index breaks below 17800 level it would witness selling which would take the index towards 17600-17400. Nifty is now well placed above its 50-Day SMA( 17795) indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 18400-17800 with mixed bias

The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias

The trend deciding level for the day is 18045. If NIFTY trades above this level then we may witness a further rally up to 18180-18260-18400 levels. However, if NIFTY trades below 18045 levels then we may see some profit booking initiating in the market, which may correct up to 17965-17825-17750 levels.

Banknifty

Bank Nifty started the week on a flat note and selling pressure throughout the week led it to close in negative terrerory. Bank Nifty closed at 38733 with a loss of 840 points on a weekly basis.

On the weekly chart the index has formed a sizable bearish candle and closed below previous week's low indicating weakness on short term basis. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 39100 level it would witness buying which would lead the index towards 39600-40200 levels. However if index breaks below 38300 level it would witness selling which would take the index towards 37800-37300. Bank Nifty is now well placed above its 50-Day SMA(38264) indicating positive bias in the short term. Bank Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 40200-383000 with mixed bias.

The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias.

The trend deciding level for the day is 38675 If BANKNIFTY trades above this level then we may witness a further rally up to 38880-39030-39235 levels. However, if BANKNIFTY trades below 38675 levels then we may see some profit booking initiating in the market, it may correct up to 38525-38320-38170 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