The Bank Nifty trend deciding level for the day is 33350 - Axis Securities
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Nifty
Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. Nifty closed at 15732 with a loss of 42 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. 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 Nifty crosses and sustains above 16000 level it would witness buying which would lead the index towards 16200-16400 levels. However if index breaks below 15600 level it would witness selling which would take the index towards 15400-15200. Nifty is trading below 20 day SMA indicating negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 sustained downtrend. The trend deciding level for the day is 15750. If NIFTY trades above this level then we may witness a further rally up to 15840-15950-16040 levels. However, if NIFTY trades below 15750 levels then we may see some profit booking initiating in the market, which may correct up to 15640-15550-15445 levels
Bank Nifty
Banknifty opened on a flat note and witnessed extreme volatility on eitherside for most part of the session. . Banknifty closed at 33311 with a loss of 95 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. 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 Banknifty crosses and sustains above 33600 level it would witness buying which would lead the index towards 33800-34000 levels. However if index breaks below 33200 level it would witness selling which would take the index towards 33000-32800. Banknifty is trading below 20 , 50 and 100 day SMA's which indicating negative bias in the short term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 sustained downtrend. The trend deciding level for the day is 33350. If BANK NIFTY trades above this level then we may witness a further rally up to 33580-33845-34075 levels. However, if BANK NIFTY trades below 33350 levels then we may see some profit booking initiating in the market, which may correct up to 33085-32855-32590 levels
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