The Bank Nifty trend deciding level for the day is 40710 - Axis Securities
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Nifty
Technical View
Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Nifty closed at 17827 with a loss of 18 points. On the daily chart index has formed a small bearish candle however it remained restricted within previous session’s High-Low range indicating absence of strength on either side. The index breaks below the small upward sloping trendline from a low of 17353 level indicating profit booking. The chart pattern suggests that if Nifty crosses and sustains above 17900 level it would witness buying which would lead the index towards 18000-18100 levels. Important Support for the day is around 17800 However if index sustains belwo 17800 then it may witness profit booking which would take the index towards 17700-17600 levels.. Nifty is trading above longer term averages of 200 SMA indicating positive bias in the medium term.. Nifty continues to remain in an uptrend for the medium term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI continue to remain flat and is below its reference line indicating absence of momentum on either side The trend deciding level for the day is 17850. If NIFTY trades above this level then we may witness a further rally up to 17900-17975-18025 levels. However, if NIFTY trades below 17850 levels then we may see some profit booking initiating in the market, which may correct up to 17775-17725-17650 levels.
Bank Nifty
Technical View
Banknifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Banknifty closed at 40674 with a loss of 28 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The index below the small consolidation zone between 41000-41800 indicates profit booking.. The chart pattern suggests that if Nifty crosses and sustains above 40850 level it would witness buying which would lead the index towards 41000-41200 levels. Important Support for the day is around 40500 However if index sustains below 40500 then it may witness profit booking which would take the index towards 40350-40200 levels.. Banknifty is trading above its 200 day SMA which indicates positive bias in the medium 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 continue to remain flat and is below its reference line indicating absence of momentum on either side The trend deciding level for the day is 40710. If BANK NIFTY trades above this level then we may witness a further rally up to 40910-41145-41350 levels. However, if BANK NIFTY trades below 40710 levels then we may see some profit booking initiating in the market, which may correct up to 40475-40270-40035 levels.
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