The index continues to move in a small rising channel indicating a positive bias in a short term - Axis Securities
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Nifty
Nifty opened with a downward gap but witnessed buying from the opening hour to end on a positive note. Nifty closed at 18233 with a gain of 35 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 continues to move in a small rising channel indicating a positive bias in a short term. The chart pattern suggests that if Nifty crosses and sustains above 18300 level it would witness buying which would lead the index towards 18400-18500 levels. Important Supports for the day is around 18200 However if index sustains below 18200 then it may witness profit booking which would take the index towards 18100-18000 levels.. Nifty is trading above longer term averages of 100 & 200 SMA indicating positive bais in 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 has turned positive from the oversold territory and is above its reference line indicating positive bias in a short term.
The trend deciding level for the day is 18210. If NIFTY trades above this level then we may witness a further rally up to 18275-18315-18375 levels. However, if NIFTY trades below 18210 levels then we may see some profit booking initiating in the market, which may correct up to 18170-18110-18070 levels.
Banknifty
Banknifty opened with an downward gap however buying support at lower levels pulled index to end on a positive note. Banknifty closed at 43425 with a gain of 222 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 continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 43600 level it would witness buying which would lead the index towards 43800-44000 levels. Important Supports for the day is around 43300 However if index sustains below 43300 then it may witness profit booking which would take the index towards 43100-42900 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 has turned positive from oversold and is above its reference line indicating sustained strength
The trend deciding level for the day is 43350. If BANK NIFTY trades above this level then we may witness a further rally up to 43555-43685-43890 levels. However, if BANK NIFTY trades below 43350 levels then we may see some profit booking initiating in the market, which may correct up to 43220- 43020-42885 levels
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