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Nifty

Nifty opened with an upward gap and buying momentum throughout the session led it to close in a positive terrain. Nifty closed at 17799 with a gain of 174 points.

On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. Since past 10-12 sessions indexes continue to consolidate in a broad trading range (17800- 17350) representing a sideways trend. The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which would lead the index towards 17900-18000 levels. However if the index breaks below 17700 level it would witness selling which would take the index towards 17600-17500. Nifty is trading above its 20, 50 , 100 and 200 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 17765. If NIFTY trades above this level then we may witness a further rally up to 17840-17880-17955 levels. However, if NIFTY trades below 17765 levels then we may see some profit booking initiating in the market, which may correct up to 17725-17650-17610 levels.

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 40209 with a gain of 753 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 40300 level it would witness buying which would lead the index towards 40500-40800 levels. However if index breaks below 40000 level it would witness selling which would take the index towards 39800-39500. Banknifty is trading above 20, 50 , 100 and 200 day SMA 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 40060. If BANK NIFTY trades above this level then we may witness a further rally up to 40415-40620-40975 levels. However, if BANK NIFTY trades below 40060 levels then we may see some profit booking initiating in the market, which may correct up to 39855-39500-39295 levels.

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