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Nifty

Nifty opened sharply lower with a downward gap and extended selling momentum in the first half however buying momentum at lower levels recovered some of the earlier losses. Nifty closed at 18028 with a loss of 129 points.

On the daily chart the index has formed a small bearish candle with either side shadows indicating volatility throughout the session . The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 18100 level it would witness buying which would lead the index towards 18200-18300 levels. Important Support for the day is around 17950 However if index sustains below 17950 then it may witness profit booking which would take the index towards 17800-17700 levels.. Nifty is trading above 20, 50, 100 and 200 day SMA indicating positive bias in the short to medium term. Nift

The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating profit booking in short term.

The trend deciding level for the day is 18035. If NIFTY trades above this level then we may witness a further rally up to 18100-18165-18230 levels. However, if NIFTY trades below 18035 levels then we may see some profit booking initiating in the market, which may correct up to 17965-17900-17830 levels

Banknifty

Banknifty opened with a downward gap and traded with extreme volatility on either side to close on a negative note. Banknifty closed at 41604 with a loss of 179 points.

On the daily chart the index has formed a small bullish candle with either side long shadows indicating extreme volatility at higher 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 41800 level it would witness buying which would lead the index towards 42000-42200 levels. Important Support for the day is around 41500 However if index sustains below 41500 then it may witness profit booking which would take the index towards 41300-41100 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 has turned negative from the overbought territory and is below its reference line indicating profit booking.

The trend deciding level for the day is 41520. If BANK NIFTY trades above this level then we may witness a further rally up to 41725-41845-42050 levels. However, if BANK NIFTY trades below 41520 levels then we may see some profit booking initiating in the market, which may correct up to 41400-41195-41075 levels

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