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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day, closing at 21655 on December 27th with a gain of 213 points. On the daily chart, the index formed a bullish candle, indicating a positive bias with higher high-low compared to the previous session. It broke above a recent swing high of 21593, suggesting a continuation of the uptrend. The chart pattern suggests that if Nifty crosses and sustains above the 21700 level, it would witness buying, leading the index towards 21800-21900 levels. Important support for the day is around 21600. However, if the index sustains below 21600, it may witness profit booking, taking the index towards 21500-21400 levels.

Nifty is trading above 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 short term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned positive near the 60 level mark and is above its reference line, indicating a positive bias. The trend-deciding level for the day is 21610. If NIFTY trades above this level, then we may witness a further rally up to 21720-21790-21900 levels. However, if NIFTY trades below 21610 levels, then we may see some profit booking initiating in the market, which may correct up to 21540-21430-21360 levels.

Bank Nifty

Bank Nifty opened with an upward gap, maintaining positive momentum throughout the day and closing at 48282 on December 27th, registering a gain of 557 points. On the daily chart, the index formed a bullish candle, exhibiting a higher High-Low formation indicative of a positive bias. Breaking above a recent swing high of 48200 signals a continuation of the uptrend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 48350 level, it could witness buying, propelling the index towards 48500-48600 levels. Important support for the day is around 48200; however, if the index sustains below this level, profit booking may lead to a correction towards 48000-47900 levels. Bank Nifty is currently above its 20, 50, 100, and 200-day SMAs, indicating bullish sentiments in the near term. The index continues to remain in an uptrend for the medium and long term, emphasizing buying on dips as the preferred strategy. The daily RSI is on the brink of crossing above its reference line, and if it surpasses this threshold, it is poised to signal a shift towards a positive bias. The trend-deciding level for the day is 48145. If Bank Nifty trades above this level, a further rally up to 48485- 48685-49025 levels may be witnessed. However, if it trades below 48145 levels, some profit booking may initiate, leading to a correction towards 47945-47605-47400 levels.

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