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Nifty

Nifty opened with a downward gap, and selling pressure throughout the session led it to close on a negative note. Nifty closed at 19742 on September 21st with a loss of 159 points.

On the daily chart, the index has formed a bearish candle with a lower shadow, indicating support near the 20-day Simple Moving Average (SMA). After a breakdown from the rising channel, the index continues to witness profit booking. The chart pattern suggests that if Nifty crosses and sustains above the 19800 level, it would witness buying, which could lead the index towards 19900-20000 levels. An important support for the day is around 19700; however, if the index sustains below 19700, it may witness profit booking, which would take the index towards 19600-19500 levels.Nifty is trading above the 20-day, 50-day, 100-day, and 200-day SMAs, indicating a positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.

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

The trend-deciding level for the day is 19765. If NIFTY trades above this level, we may witness a further rally up to 19825-19905-19965 levels. However, if NIFTY trades below 19765 levels, we may see some profit booking initiating in the market, which may correct up to 19685-19630-19545 levels.

BankNifty

BankNifty opened with a downward gap, and selling pressure throughout the session led it to close near the day's low. BankNifty closed at 44624 on September 21st, with a loss of 761 points.

On the daily chart, the index has formed a strong bearish candle, forming a lower high-low compared to the previous session, and has also closed below the previous session's low, indicating further weakness. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating a negative bias in the short term. The chart pattern suggests that if BankNifty crosses and sustains above the 44800 level, it would witness buying, which could lead the index towards 44900-45000 levels. An important support for the day is around 44500; however, if the index sustains below 44500, it may witness profit booking, which would take the index towards 44400-44300 levels. BankNifty is sustaining above its 100-day and 200-day Simple Moving Averages (SMA), which signals bullish sentiments in the near term. BankNifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI is moving downwards and is quoting below its reference line, indicating profit booking.

.The trend-deciding level for the day is 44830. If BANK NIFTY trades above this level, then we may witness a further rally up to 45070-45515-45755 levels. However, if BANK NIFTY trades below 44830 levels, then we may see some profit booking initiating in the market, which may correct up to 44385-44145-43700 levels.

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