The daily strength indicator RSI is at a verge of crossover above its reference line - Axis Securities
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Nifty
Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Nifty closed at 18660 with a gain of 52 points.
On the daily chart the index has formed a small bearish candle, however it forms a higher high-low pattern compared with the 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 18700 level it would witness buying which would lead the index towards 18800-18900 levels. Important Support for the day is around 18600, however if index sustains below 18600 then it may witness profit booking which would take the index towards 18500-18400 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 at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.
The trend deciding level for the day is 18665. If NIFTY trades above this level then we may witness a further rally up to 18695-18725-18755 levels. However, if NIFTY trades below 18665 levels then we may see some profit booking initiating in the market, which may correct up to 18630-18600-18565 levels.
Banknifty
Banknifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Banknifty closed at 44049 with a gain of 103 points.
On the daily chart the index has formed a bearish candle but is currently trading at all time highs indicating that current price action might just be a pullback.. 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 44200 level it would witness buying which would lead the index towards 44500-44700 levels. Important Support for the day is around 43900 However if index sustains below 43900 then it may witness profit booking which would take the index towards 43700-43500 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 44065. If BANK NIFTY trades above this level then we may witness a further rally up to 44140-44225-44300 levels. However, if BANK NIFTY trades below 44065 levels then we may see some profit booking initiating in the market, which may correct up to 43975-43900-43810 levels
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