Bank Nifty opened on a flat note and witnessed selling in the initial hour of the session - Axis securities Ltd
![](https://portfolio.investmentguruindia.com//uploads/news/axis securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
The Nifty opened on a flat note and witnessed selling in the first hour of the session. However, the index found support at lower levels and bounced back to close near the day's high, finishing at 19141 on October 30th with a gain of 94 points.
On the chart, the index has formed a bullish candle with a long lower shadow, indicating buying interest at lower levels. The index is currently following a lower top and lower bottom formation on the daily chart, suggesting a negative bias. The chart pattern suggests that if Nifty crosses and sustains above the 19200 level, it could witness buying, leading the index towards 19250-19300 levels. The important support for the day is around 19100. However, if the index sustains below 19100, it may experience profit booking, potentially taking it towards 19050-18900 levels. Nifty is trading below its 20, 50, and 100-day SMA, indicating a negative bias in the short term. Nifty continues to remain in a downtrend in the short term, making exiting on small pullback rallies our preferred strategy.
The daily RSI is on the brink of crossing above its reference line, and if it surpasses this threshold, it is poised for a relief rally bounce back
The trend deciding level for the day is 19080. If NIFTY trades above this level then we may witness a further rally up to 19220-19300-19440 levels. However, if NIFTY trades below 19080 levels then we may see some profit booking initiating in the market, which may correct up to 19000-18860-18785 levels.
Banknifty
Bank Nifty opened on a flat note and witnessed selling in the initial hour of the session. However, buying momentum at lower levels pulled the index higher, closing it in positive terrain at 43039 on October 30th with a gain of 257 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 daily chart, indicating a negative bias. The chart pattern suggests that if Nifty crosses and sustains above the 43100 level, it would witness buying, leading the index towards 43200-43500 levels. An important support for the day is around 42900. However, if the index sustains below 42900, it may witness profit booking, taking the index towards 42800-42700 levels. Bank Nifty is trading below the 20, 50, 100, and 200-day SMA, indicating a negative bias in the short term. Bank Nifty continues to remain in a downtrend in the short term, making exiting on small pullback rallies our preferred strategy
The daily RSI is on the brink of crossing above its reference line. If it surpasses this threshold, it is poised for a relief rally bounce back.
The trend deciding level for the day is 42845. If BANK NIFTY trades above this level then we may witness a further rally up to 43305-43570-44025 levels. However, if BANK NIFTY trades below 42845 levels then we may see some profit booking initiating in the market, which may correct up to 42580-42125-41860 levels.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
![](https://portfolio.investmentguruindia.com/uploads/news/kotak securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/TechMahindra23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/powersector25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fsdkfjeljweoir.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalasitharaman230717.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_9477.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/global29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar 30.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : Markets remained volatile on the monthly expiry day and ended nearly...
![Market Quote : Global indices also reacted pessimistically due to the disappointing results from top US tech companies says Vinod Nair, Head of Research, Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![Sensex, Nifty close flat after volatile trading session](https://portfolio.investmentguruindia.com/uploads/news/ITstock.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
Market Closing Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount ...
![Daily Market Analysis : Markets resumed their uptrend after a brief pause, gaining nearly one percent Says Mr. Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Bank Nifty opened with an upward gap and remained in positive terrain throughout the day - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![India VIX closed with 5.23% gain at 13.78 level - Monarch Networth Capital](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)