On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty opened with an upward gap and witnessed selling for first part of the session. However last hour pullback action pulled index higher to close on positive note. Nifty closed at 18403 with a gain of 74 points.
On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. Index is moving in rising channel formation from 17000 level. It is holding a lower band of rising channel from past three trading sessions, which is providing support to the index.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18700 levels. Important Supports for the day is around 18300 However if index sustains below 18300 then it may witness profit booking which would take the index towards 18200-18100 levels. Nifty is trading above 20, 50, 100 and 200 day SMA's 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 18370. If NIFTY trades above this level then we may witness a further rally up to 18460-18515-18605 levels. However, if NIFTY trades below 18370 levels then we may see some profit booking initiating in the market, which may correct up to 18315-18225-18170 levels
Banknifty
Banknifty opened with an upward gap and witnessed selling for the first part of the session. However, last hour pullback action pulled the index higher and recovered some of the earlier losses. Banknifty closed at 42373 with a gain of 296 points.
On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower levels. 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 42500 level it would witness buying which would lead the index towards 42700-42900 levels. Important Supports for the day is around 42200 However if index sustains below 42200 then it may witness profit booking which would take the index towards 42000- 41800 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 42300. If BANK NIFTY trades above this level then we may witness a further rally up to 42520-42670-42890 levels. However, if BANK NIFTY trades below 42300 levels then we may see some profit booking initiating in the market, which may correct up to 42150-41930-41780 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
