The trend deciding level for the day is 34195 - Axis Securities
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Nifty
Nifty opened on a flat note and buying momentum throughout the session led it close near the day's high. Nifty closed at 15990 with a gain of 179 points. On the daily chart index has formed a bullish candle however it remained restricted within previous session's HighLow range indicating absence of strength on either side. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an up trend. The chart pattern suggests that if Nifty crosses and sustains above 16050 level it would witness buying which would lead the index towards 16200-16300 levels. However if the index breaks below 15900 level it would witness selling which would take the index towards 15800-15700. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in a downtrend in the 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 15935. If NIFTY trades above this level then we may witness a further rally up to 16065-16145-16280 levels. However, if NIFTY trades below 15935 levels then we may see some profit booking initiating in the market, which may correct up to 15855-15725-15645 levels.
Bank Nifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 34324 with a gain of 508 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 34400 level it would witness buying which would lead the index towards 34600-34800 levels. However if the index breaks below 34100 level it would witness selling which would take the index towards 33800-33700. Banknifty is trading above 20 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in a downtrend in the medium term, so selling on rallies 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 34195. If BANK NIFTY trades above this level then we may witness a further rally up to 34515-34710-35030 levels. However, if BANK NIFTY trades below 34195 levels then we may see some profit booking initiating in the market, which may correct up to 34005-33685-33490 levels.
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