The chart pattern suggests that if Nifty crosses and sustains above 19250 level - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty started the week on a flat note and buying momentum throughout the week led it close on a strong note. Nifty closed at 19189 on 30th June with a gain of 524 points on a weekly basis.
On the weekly chart the index has formed a long bullish candle forming higher High-low compare to previous week and has closed above previous week's high indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 19250 level it would witness buying which would lead the index towards 19400-19500 levels. However if index breaks below 19000 level it would witness selling which would take the index towards 18800- 18600. On the daily chart, Nifty sustaining above its 20, 50, 100 and 200 day SMAs indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 19500-18800 with a positive bias.
The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
The trend deciding level for the day is 19140. If NIFTY trades above this level then we may witness a further rally up to 19250-19315-19430 levels. However, if NIFTY trades below 19140 levels then we may see some profit booking initiating in the market, which may correct up to 19075-18960-18900 levels.
Bank Nifty
Bank Nifty started the week on a flat note and buying momentum throughout the week led it close on a strong note. Bank Nifty closed at 44747 on 30th June with a gain of 1124 points on a weekly basis.
On the weekly chart the index has formed sizable bullish candle and closed above previous week's high indicating positive bias. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 44800 level it would witness buying which would lead the index towards 45000-45800 levels. However if index breaks below 44300 level it would witness selling which would take the index towards 44000-43500. Bank Nifty is trading above 20, 50, 100 and 200 day SMA's which are important short term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 45800-44000 with positive bias.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias.
The trend deciding level for the day is 44660 If BANKNIFTY trades above this level then we may witness a further rally up to 44875-45000-45215 levels. However, if BANKNIFTY trades below 44660 levels then we may see some profit booking initiating in the market, it may correct up to 44535-44320-44195 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
