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Nifty

Nifty opened with an upward gap and formed shadows on either side indicating lack of bullish confidence amongst participants. On 14th June, Nifty closed at 18756 with a gain of 40 points.

On the daily chart the index has formed a small bullish candle with shadows on either side representing extreme volatility as well as 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 18800 level it would witness buying which would lead the index towards 18900- 19000 levels. Important Support for the day is around 18700 However if index sustains below 18700 then it may witness profit booking which would take the index towards 18600-18500 levels. Nifty is trading above 20, 50, 100 and 200 day SMA 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 18740. If NIFTY trades above this level then we may witness a further rally up to 18785-18820-18865 levels. However, if NIFTY trades below 18740 levels then we may see some profit booking initiating in the market, which may correct up to 18705-18660-18630 levels.

Banknifty

Banknifty opened with an upward gap but witnessed selling from the opening tick to close on a negative note. On 14th June, Bank nifty closed at 43988 with a loss of 92 points.

On the daily chart, the index has formed a bearish candle however it continues to form a higher High-Low compared to previous session which remains a positive sign. 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 Nifty crosses and sustains above 44150 level it would witness buying which would lead the index towards 44200-44300 levels. Important Support for the day is around 43800 However if index sustains below 43800 then it may witness profit booking which would take the index towards 43700-43600 levels.. Banknifty is sustaining above its 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 continues to remain flat and is below its reference line indicating absence of momentum on either side

The trend deciding level for the day is 44050. If BANK NIFTY trades above this level then we may witness a further rally up to 44150-44310-44405 levels. However, if BANK NIFTY trades below 44050 levels then we may see some profit booking initiating in the market, which may correct up to 43890-43795-43635 levels.

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