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Nifty

Nifty opened flat; however, persistent profit booking throughout the session pushed the index down, closing at 19122 on October 25th, registering a loss of 160 points.

On the daily chart, the index formed a significant bearish candle, closing below the previous session's low, indicating a negative bias. The index witnessed continued profit booking but found support at the lower band of the falling channel. The chart pattern suggests that if Nifty crosses and sustains above the 19200 level, it may witness buying interest, potentially driving the index towards 19250-19350 levels. Crucial support for the day is around 19050. However, if the index sustains below 19050, it might experience profit booking, pulling it towards 19000-18900 levels. Nifty is trading below its 20, 50 and 100 day SMA, indicating a negative bias in the short term. In the short term, Nifty continues to be in a downtrend, making exiting on small pullback rallies our preferred strategy.

The daily strength indicator RSI is moving downward and is quoting below its reference line, indicating a negative bias

The trend deciding level for the day is 19180. If NIFTY trades above this level then we may witness a further rally up to 19290-19455-19560 levels. However, if NIFTY trades below 19180 levels then we may see some profit booking initiating in the market, which may correct up to 19015-18910-18740 levels.

Banknifty

Bank Nifty opened with an upward gap but witnessed selling from the opening tick, closing on a negative note at 42832 on October 25th, with a loss of 319 points.

On the daily chart, the index has formed a sizable bearish candle, violating the previous session's low, indicating further weakness. 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 Bank Nifty crosses and sustains above the 43000 level, it would witness buying, potentially leading the index towards 43100-43200 levels. Important support for the day is around 42750. However, if the index sustains below 42750, it may witness profit booking, pulling the index towards 42650-42500 levels. Bank Nifty is trading below the 20, 50, 100, and 200-day SMA, indicating a negative bias in the short to medium term. Bank Nifty continues to be in a downtrend, making exiting on small pullback rallies our preferred strategy.

The daily strength indicator RSI is moving downwards and is quoting below its reference line, indicating a negative bias.

The trend-deciding level for the day is 42995. If Bank Nifty trades above this level, we may witness a further rally up to 43235-43635-43875 levels. However, if Bank Nifty trades below 42995 levels, we may see some profit booking initiating in the market, which may correct up to 42595-42355-41955 levels.

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