The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend - Axis Securities
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Nifty
Nifty opened sharply lower with a downward gap however buying support at lower levels pulled the index to close on a positive note. Nifty closed at 18563 with a gain of 50 points.
On the daily chart index has formed a bullish candle which engulfed the previous session representing positive bias ahead. . 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 18600 level it would witness buying which would lead the index towards 18700-18800 levels. Important Support for the day is around 18500 However if index sustains below 18500 then it may witness profit booking which would take the index towards 18400-18300 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 18515. If NIFTY trades above this level then we may witness a further rally up to 18665-18765-18910 levels. However, if NIFTY trades below 18515 levels then we may see some profit booking initiating in the market, which may correct up to 18415-18265-18165 levels
Banknifty
Banknifty opened with a downward gap however buying support at lower levels pulled the index to end on a positive note. Banknifty closed at 43020 with a gain of 37 points.
On the daily chart index has formed a bullish candle and has closed near its previous session's low representing an attempt by bulls to come back. 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 43200 level it would witness buying which would lead the index towards 43500-43700 levels. Important Support for the day is around 42900 However if index sustains below 42900 then it may witness profit booking which would take the index towards 42700-42500 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 42975. If BANK NIFTY trades above this level then we may witness a further rally up to 43205-43395-43625 levels. However, if BANK NIFTY trades below 42975 levels then we may see some profit booking initiating in the market, which may correct up to 42785-42555-42365 levels
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