IGI Logo

Nifty

Nifty started the week on a positive note and remained consolidated for most part of the week within 17850-17650 levels representing lack of strength. Nifty closed at 17787 with a gain of 211 points on a weekly basis. On the weekly chart the index has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18000 level it would witness buying which would lead the index towards 18200-18400 levels. However if the index breaks below 17600 level it would witness selling which would take the index towards 17400- 17200. On the daily chart, Nifty sustains above its 20, 50, 100 and 200 day SMAs 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 18400-17200 with mixed bias. The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark which supports bullish sentiments ahead The trend deciding level for the day is 17785. If NIFTY trades above this level then we may witness a further rally up to 17845-17900-17960 levels. However, if NIFTY trades below 17785 levels then we may see some profit booking initiating in the market, which may correct up to 17725-17670-17610 levels

Bank Nifty

Bank Nifty started the week on a positive note and remained positive in the initial period however profit booking at higher levels erased some of the earlier gains . Bank Nifty closed at 40991 with a gain of 207 points on a weekly basis. On the weekly chart the index has formed a bearish candle carrying either side shadows representing extreme volatility on either side. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 41200 level it would witness buying which would lead the index towards 41500-41800 levels. However if index breaks below 40800 level it would witness selling which would take the index towards 40500-40200. Bank Nifty is trading above 20, 50, 100 and 200 day SMA which are important short term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 41800-40200 with mixed bias. . The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias. The trend deciding level for the day is 41105 If BANKNIFTY trades above this level then we may witness a further rally up to 41370-41745-42010 levels. However, if BANKNIFTY trades below 41105 levels then we may see some profit booking initiating in the market, it may correct up to 40725-40460-40085 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