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Nifty

Nifty opened on a flat note, but buying momentum throughout the session allowed it to close in the green. Nifty closed at 21441 on 26th December with a gain of 92 points. On the daily chart, the index has formed a bullish candle; however, it remained restricted within the previous week's Wednesday's strong bearish session's High-Low range, indicating the absence 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 21500 level, it would witness buying, leading the index towards 21600-21700 levels. The important support for the day is around 21400. However, if the index sustains below 21400, it may witness profit booking, taking the index towards 21300-21200 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, so buying on dips continues to be our preferred strategy. The daily RSI remains flat and below its reference line, suggesting a neutral momentum with no clear direction. The trend-deciding level for the day is 21415. If NIFTY trades above this level, then we may witness a further rally up to 21505-21565-21650 levels.

However, if NIFTY trades below 21415 levels, then we may see some profit booking initiating in the market, which may correct up to 21355-21270-21205 levels

Bank Nifty

Banknifty opened on a positive note and remained in a small range throughout the day. Banknifty closed at 47725 on 26th December with a gain of 233 points. On the daily chart, the index has formed a bullish candle; however, it remained restricted within the previous session's High-Low range, indicating the absence of strength on either side.

The index is moving in a higher top and higher bottom formation on the daily chart, indicating a medium-term uptrend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 47850 level, it would witness buying, leading the index towards 48000-48100 levels. Important support for the day is around 47550. However, if the index sustains below 47550, it may witness profit booking, taking the index towards 47400-47300 levels.

Bank Nifty is sustaining above its 20, 50, 100, and 200-day SMAs, which signals bullish sentiments in the near term. Bank Nifty 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 continues to remain flat and is below its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 47660. If BANK NIFTY trades above this level, then we may witness a further rally up to 47905-48085-48330 levels. However, if BANK NIFTY trades below 47660 levels, then we may see some profit booking initiating in the market, which may correct up to 47480-47230-47050 levels.

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