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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 25011 on 26th August, marking a gain of 187 points. On the daily chart, the index has formed a bullish candle while maintaining a higher high-low compared with the previous candle, 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 25100 level, it could witness buying, which would lead the index towards 25200-25300 levels. Important support for the day is around 24900; however, if the index sustains below 24900, it may witness profit booking, taking the index towards 24800-24700 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, 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 24975. If Nifty trades above this level, we may witness a further rally up to 25080-25145-25245 levels. However, if Nifty trades below 24975, we may see some profit booking initiating in the market, which may correct Nifty down to 24910-24805-24740 levels.

Bank Nifty

Bank Nifty opened on a positive note and extended buying momentum in the first half; however, we witnessed profit booking in the latter half of the day. Bank Nifty closed at 51148 on 26th August with a gain of 215 points. On the daily chart, the index has formed a small bullish candle with an upper shadow, indicating selling pressure and resistance at higher levels. The index is moving 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 51350 level, it could witness buying, leading the index towards 51500-51600 levels. Important support for the day is around 50850; however, if the index sustains below 50850, it could witness profit booking, leading the index towards 50650-50500 levels. Bank Nifty is trading below its 50-day SMAs, indicating a negative bias in the short term. Bank Nifty continues to remain in a downtrend in the short term. Therefore, exiting on small pullback rallies 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 51175. If Bank Nifty trades above this level, we may witness a further rally up to 51290-51430-51545 levels. However, if Bank Nifty trades below 51175, we may see some profit booking initiating in the market, which may correct Bank Nifty down to 51035-50920-50780 levels.

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