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Nifty

Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day. Nifty closed at 24144 on 14th August, marking a gain of 5 points. On the daily chart, the index has formed a bearish candle; however, it remained within the high-low range of the previous sessions, indicating a lack of strength on either side. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above the 24200 level, it would witness buying which could lead the index towards the 24300-24500 levels. Important support for the day is around 24000. However, if the index sustains below 24000, it may witness profit booking, which could take the index towards 23900-23800 levels. Nifty is trading below its 20-day SMAs, indicating a negative bias in the short term. For the past seven trading sessions, the index has been consolidating within the range of 24400-23800 levels. Hence, any breakout on either side of the range will signal further direction. The daily strength indicator RSI is moving downwards and is quoting below its reference line, indicating negative bias. The trend-deciding level for the day is 24145. If Nifty trades above this level, we may witness a further rally up to 24195-24245-24290 levels. However, if Nifty trades below 24145 levels, we may see some profit booking initiating in the market, which may correct Nifty up to 24095-24050-24000 levels.

Bank Nifty

Bank Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day. Bank Nifty closed at 49727 on 14th August with a loss of 105 points. On the daily chart, the index has formed a small bearish candle with shadows on either side, indicating indecisiveness among participants regarding the direction. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating short-term profit booking. The chart pattern suggests that if Bank Nifty crosses and sustains above the 50000 level, it would witness buying, leading the index towards 50200-50400 levels. Important support for the day is around 49600. However, if the index sustains below 49600, it could witness profit booking, leading the index towards 49500-49300 levels. Bank Nifty is trading below its 20 and 50-day SMAs, indicating a negative bias in the short term. For the past seven trading sessions, Bank Nifty has continued to consolidate within 50700-49700, and hence any breakout on either side will indicate further direction. The daily strength indicator RSI is moving downwards and is quoting below its reference line, indicating negative bias. The trend-deciding level for the day is 49780. If Bank Nifty trades above this level, we may witness a further rally up to 49905-50085-50210 levels. However, if Bank Nifty trades below 49780 levels, we may see some profit booking initiating in the market, which may correct Bank Nifty up to 49600-49475-49295 levels.

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