The Bank nifty trend deciding level for the day is 35180 - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 16279 with a gain of 229 points. On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an uptrend. The chart pattern suggests that if Nifty crosses and sustains above 16300 level it would witness buying which would lead the index towards 16400-16500 levels. However if the index breaks below 16200 level it would witness selling which would take the index towards 16100-16000. Nifty is trading above its 20 and 50 day SMA which indicates positive bias in the short 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 16235. If NIFTY trades above this level then we may witness a further rally up to 16330-16380-16475 levels. However, if NIFTY trades below 16235 levels then we may see some profit booking initiating in the market, which may correct up to 16185-16090-16040 levels.
Bank Nifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Bank nifty closed at 35359 with a gain of 676 points. On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. 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 35400 level it would witness buying which would lead the index towards 35600-36000 levels. However if the index breaks below 35100 level it would witness selling which would take the index towards 35000-34800. Banknifty is trading above 20, 50 and 100 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in 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 35180. If BANK NIFTY trades above this level then we may witness a further rally up to 35560-35760-36135 levels. However, if BANK NIFTY trades below 35180 levels then we may see some profit booking initiating in the market, which may correct up to 34980-34605-34405 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
