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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.

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