The Nifty opened on a positive note and witnessed selling pressure in the initial hour - Axis Securities
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Nifty
The Nifty opened on a positive note and witnessed selling pressure in the initial hour, however buying momentum at lower levels pulled the index higher to close near the day's high. Nifty closed at 19529 on 04th September with a gain of 94 points.
On the daily chart the index has formed a small bullish candle with a long lower shadow indicating buying at lower levels. The index has breached above the descending channel at 19,500, and sustained trading above this level suggests potential for an upward trend continuation. The chart pattern suggests that if Nifty crosses and sustains above 19600 level it would witness buying which would lead the index towards 19700-19800 levels. Important support for the day is around 19450 however if index sustains below 19450 then it may witness profit booking which would take the index towards 19400-19300 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 medium term, so buying on dips continues to be our preferred strategy
The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias
The trend deciding level for the day is 19500. If NIFTY trades above this level then we may witness a further rally up to 19570-19615-19685 levels. However, if NIFTY trades below 19500 levels then we may see some profit booking initiating in the market, which may correct up to 19460-19390-19345 levels.
Bank Nifty
Bank Nifty opened on a positive note and witnessed selling pressure in the initial hour however buying momentum at lower levels pulled the index higher to close near the day's high. Bank Nifty closed at 44578 on 04th September with a gain of 142 points.
On the daily chart the index has formed a small bearish candle with a lower shadow indicating buying at lower levels. The index is currently consolidating within a symmetrical triangular pattern, and a close above 44,800 may signal a breakout towards higher levels. The chart pattern suggests that if Nifty crosses and sustains above 44700 level it would witness buying which would lead the index towards 44800-45000 levels. Important support for the day is around 44500 however if index sustains below 44500 then it may witness profit booking which would take the index towards 44300-44200 levels. Bank Nifty is sustaining above its 20,100 and 200- day SMA which signals bullish sentiments in near term. Bank Nifty continues to remain in a downtrend in the short term, so selling on rallies continues to be our preferred strategy.
The daily strength indicator RSI has turned positive from oversold and is above its reference line indicating sustained strength
The trend deciding level for the day is 44515. If BANK NIFTY trades above this level then we may witness a further rally up to 44720-44860-45065 levels. However, if BANK NIFTY trades below 44515 levels then we may see some profit booking initiating in the market, which may correct up to 44375-44170-44030 levels.
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