The Nifty trend deciding level for the day is 16295 - Axis Securities
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Nifty
Nifty opened with a downward gap but witnessed buying from the opening tick to end positive. Nifty closed at 16341 with a gain of 62 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 up trend. The chart pattern suggests that if Nifty crosses and sustains above 16400 level it would witness buying which would lead the index towards 16500-16600 levels. However if the index breaks below 16250 level it would witness selling which would take the index towards 16200-16100. 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 16295. If NIFTY trades above this level then we may witness a further rally up to 16405-16470-16575 levels. However, if NIFTY trades below 16295 levels then we may see some profit booking initiating in the market, which may correct up to 16230-16125-16060 levels.
Bank Nifty
Banknifty opened with a downward gap however buying support at lower levels pulled the index to end on a positive note. Banknifty closed at 35720 with a gain of 362 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 35800 level it would witness buying which would lead the index towards 36000-36300 levels. However if the index breaks below 35500 level it would witness selling which would take the index towards 35400-35000. 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 35530. If BANK NIFTY trades above this level then we may witness a further rally up to 35950-36180-36600 levels. However, if BANK NIFTY trades below 35530 levels then we may see some profit booking initiating in the market, which may correct up to 35300-34880-34650 levels.
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