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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 19323 on 03rd July with a gain of 134 points.

On the daily chart index has formed a bullish candle forming higher High-low compared to previous session indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 19350 level it would witness buying which would lead the index towards 19400-19500 levels. Important Support for the day is around 19300 However if index sustains below 19300 then it may witness profit booking which would take the index towards 19200-19100 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 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 19300. If NIFTY trades above this level then we may witness a further rally up to 19365-19410-19480 levels. However, if NIFTY trades below 19300 levels then we may see some profit booking initiating in the market, which may correct up to 19255-19190-19145 levels.

Banknifty

Banknifty opened on a positive note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day. Banknifty closed at 45158 on 03rd July with a gain of 411 points.

On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. 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 Nifty crosses and sustains above 45250 level it would witness buying which would lead the index towards 45350-45500 levels. Important Support for the day is around 45000 However if index sustains below 45000 then it may witness profit booking which would take the index towards 44900-44800 levels. Banknifty is sustaining above its 20, 50, 100 and 200- day SMA which signals bullish sentiments in near 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 is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 45130. If BANK NIFTY trades above this level then we may witness a further rally up to 45380-45600-45850 levels. However, if BANK NIFTY trades below 45130 levels then we may see some profit booking initiating in the market, which may correct up to 44910-44660-44440 levels.

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