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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 16259 with a gain of 417 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 Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 16300 level it would witness buying which would lead the index towards 16500-15600 levels. However if the index breaks below 16200 level it would witness selling which would take the index towards 16100-16000. Nifty is trading below its 20, 50, 100, and 200-day SMA which indicates negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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. The trend deciding level for the day is 16150. If NIFTY trades above this level then we may witness a further rally up to 16395-16530-16780 levels. However, if NIFTY trades below 16150 levels then we may see some profit booking initiating in the market, which may correct up to 16010-15765-15630 levels.

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 34302 with a gain of 704 points. On the daily chart index has formed a bullish candle and has formed a higher High-Low formation indicating positive bias.. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Banknifty crosses and sustains above 34400 level it would witness buying which would lead the index towards 34700-35000 levels. However if the index breaks below 34100 level it would witness selling which would take the index towards 34000-33800. Banknifty is trading below 20, 50, 100 and 200 day SMA indicating negative bias in the short to medium term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 34115. If BANK NIFTY trades above this level then we may witness a further rally up to 34550-34800-35235 levels. However, if BANK NIFTY trades below 34115 levels then we may see some profit booking initiating in the market, which may correct up to 33865-33430-33180 levels.

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