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Nifty

Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Nifty closed at 25384 on 16th September, marking a gain of 27 points. On the daily chart, the index has formed a small bearish candle; however, it remained within the high-low range of the previous sessions, indicating a lack of strength on either side. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a sustained uptrend. The chart pattern suggests that if Nifty crosses and sustains above the 25500 level, it would witness buying pressure, which could push the index towards the 25600-25700 levels. Important support for the day is around 25300. However, if the index sustains below 25300, it may witness profit booking, which could take the index towards the 25200-25000 levels. Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the medium term. Nifty continues to remain in an uptrend for the medium term, making buying on dips our preferred strategy. The daily strength indicator, RSI, remains flat and is above its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 25390. If Nifty trades above this level, we may witness a further rally up to the 25440-25500-25550 levels. However, if Nifty trades below 25390, we may see some profit booking initiating in the market, which may correct Nifty to the 25330-25280-25220 levels.

Bank Nifty

Bank Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Bank Nifty closed at 52153 on 16th September with a gain of 215 points. On the daily chart, the index has formed a bullish candle and a higher high-low formation, indicating a positive bias. The index continues to move in a higher top and higher bottom formation on the hourly chart, further reinforcing a positive outlook. The chart pattern suggests that if Bank Nifty crosses and sustains above the 52350 level, it could witness buying pressure, pushing the index towards the 52500-52600 levels. Important support for the day is around 52000. However, if the index sustains below 52000, it could experience profit booking, driving the index towards the 51900-51700 levels. Bank Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the medium term. The index remains in an uptrend for both the medium and long term, making buying on dips the preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, further confirming a positive bias. The trend-deciding level for the day is 52095. If Bank Nifty trades above this level, we may witness a further rally up to the 52265-52380-52555 levels. However, if Bank Nifty trades below 52095, we may see profit booking, which could correct the index down to the 51980-51805-51695 levels.

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