IGI Logo

Nifty

Nifty opened on a positive note and traded with extreme volatility throughout the session. Nifty closed at 18132 with a gain of 118 points.

On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels.The index is holding above bullish gap area of 17800 level however 18200 is crucial to watch out for on closing basis for positive momentum to continue. The chart pattern suggests that if Nifty crosses and sustains above 18200 level it would witness buying which would lead the index towards 18300-18400 levels. Important Support for the day is around 18100 However if index sustains below 18100 then it may witness profit booking which would take the index towards 18000-17900 levels.. Nifty is trading above longer term averages of 100 & 200 SMA indicating positive bias in the medium term. Nifty continues to remain in an uptrend for the medium term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI is at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.

The trend deciding level for the day is 18085. If NIFTY trades above this level then we may witness a further rally up to 18200-18265-18380 levels. However, if NIFTY trades below 18085 levels then we may see some profit booking initiating in the market, which may correct up to 18015-17900-17835 levels

Banknifty

Banknifty opened with an upward gap and witnessed extreme volatility throughout the day. Banknifty closed at 42860 with a gain of 229 points.

On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias in short term. The chart pattern suggests that if Nifty crosses and sustains above 43000 level it would witness buying which would lead the index towards 43200-43400 levels. Important Support for the day is around 42700 However if index sustains below 42700 then it may witness profit booking which would take the index towards 42500-42300 levels.. Banknifty is sustaining above its 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 at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.

The trend deciding level for the day is 42725. If BANK NIFTY trades above this level then we may witness a further rally up to 43060-43260-43595 levels. However, if BANK NIFTY trades below 42725 levels then we may see some profit booking initiating in the market, which may correct up to 42525-42195-41995 levels

To Read Complete Report & Disclaimer Click Here
 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer