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Nifty

Nifty opened sharply lower with a downward gap. However, buying support around 21000 helped the index recover the opening losses, and it closed on a positive note. Nifty closed at 21255 on 21st December with a gain of 105 points. On the daily chart, the index has formed a bullish piercing candle, representing an attempt by bulls to come back. 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 Nifty crosses and sustains above 21350 level, it would witness buying, which would lead the index towards 21400-21500 levels. Important supports for the day are around 21150. However, if the index sustains below 21150, then it may witness profit booking, which would take the index towards 21100- 21000 levels. Nifty is trading above 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 strength indicator RSI has turned negative from the overbought territory and is below its reference line, indicating profit booking. The trend-deciding level for the day is 21175. If NIFTY trades above this level, then we may witness a further rally up to 21370-21485-21680 levels. However, if NIFTY trades below 21175 levels, then we may see some profit booking initiating in the market, which may correct up to 21060-20860-20745 levels.

Bank Nifty

Bank Nifty opened lower with a downward gap. However, buying support around 47000 helped the index recover the opening losses, and it closed on a positive note.. Bank Nifty closed at 47840 on 21st December with a gain of 395 points. On the daily chart, the index has formed a bullish piercing candle, representing an attempt by bulls to come back. 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 48000 level, it would witness buying, leading the index towards 48100-48200 levels. Important supports for the day are around 47750. However, if the index sustains below 47750, it may witness profit booking, taking the index towards 47650-47500 levels. Bank Nifty is sustaining above its 20, 50, 100, and 200-day SMAs, signaling 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 has turned negative from the overbought territory and is below its reference line, indicating a profit booking. The trend-deciding level for the day is 47565. If BANK NIFTY trades above this level, we may witness a further rally up to 48210-48575-49220 levels. However, if BANK NIFTY trades below 47565 levels, we may see some profit booking initiating in the market, correcting up to 47195-46550-46185 levels.

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