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Nifty

Nifty opened on a flat note, but sustained buying momentum throughout the session led it to close near the day's high. Nifty closed at 24045 on 27th June, marking a gain of 176 points. On the daily chart, the index has formed a bullish candle, creating a higher high and higher low compared to the previous day, and has closed above the previous day's high, indicating a positive bias. 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 24200 level, it would witness buying which would lead the index towards the 24300-24400 levels. Important support for the day is around 23900. However, if the index sustains below 23900, then it may witness profit booking which would take the index towards the 23800-23700 levels. Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to 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 is moving upwards and is above its reference line, indicating a positive bias. The trend-deciding level for the day is 23980. If Nifty trades above this level, we may witness a further rally up to 24155-24260-24435 levels. However, if Nifty trades below 23980, we may see some profit booking initiating in the market, which may correct Nifty up to 23870-23695-23590 levels.

Bank Nifty

Bank Nifty opened on a flat note and remained in a small range throughout the day. Bank Nifty closed at 52811 on 27th June with a loss of 59 points. On the daily chart, the index has formed a bearish candle with a upper shadow, indicating selling pressure as well as resistance at higher levels. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a short-term uptrend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 53000 level, it would witness buying, leading the index towards the 53200-53300 levels. Important support for the day is around 52650. However, if the index sustains below 52650, it could witness profit booking, leading the index towards the 52500-52300 levels. Bank Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the medium and long term. Therefore, buying on dips remains our preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, indicating a positive bias. The trend-deciding level for the day is 52875. If Bank Nifty trades above this level, we may witness a further rally up to 53115-53420-53655 levels. However, if Bank Nifty trades below 52875, we may see some profit booking initiating in the market, which may correct Bank Nifty up to 52575-52335-52030 levels

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