Nifty opened with an upward gap and remained in positive terrain throughout the day - Axis Securities Ltd
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Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day, closing at an all-time high of 19996 on September 11th, gaining 176 points. On the daily chart, the index has formed a bullish candle, closing above its previous session's high, indicating a positive bias. The index continues to follow a higher top and higher bottom formation on the daily chart, reinforcing the positive sentiment. The chart pattern suggests that if Nifty crosses and sustains above the 20050 level, it is likely to attract buying interest, potentially pushing the index towards the 20100-20200 levels. An important support level for the day stands at around 19950. However, if the index sustains below 19950, it may experience profit booking, potentially leading to a correction towards the 19900-19800 levels.Nifty is currently trading above its 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to medium term. The short-term uptrend suggests that buying on dips remains our preferred strategy. The daily strength indicator, RSI, is moving upwards and is above its reference line, further confirming the positive bias. The trend-deciding level for the day is 19955. If NIFTY trades above this level, we may witness a further rally towards the 20050-20100-20190 levels. However, if NIFTY trades below 19955, we may see some profit booking initiating in the market, potentially leading to a correction down to 19905-19815-19760 levels.
Bank Nifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day, closing at 45571 on September 11th, gaining 414 points. On the daily chart, the index has formed a bullish candle and has closed above its previous session's high, indicating a positive bias ahead. 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 Banknifty crosses and sustains above the 45750 level, it may attract buying interest, potentially pushing the index towards the 45800-45900 levels. An important support level for the day stands at around 45500. However, if the index sustains below 45500, it may experience profit booking, potentially leading to a correction towards the 45400-45300 levels.Banknifty is currently trading above its 20, 50, 100, and 200-day SMAs, which signals bullish sentiments in the near term. However, Banknifty continues to remain in a downtrend in the short to medium term, so selling on 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 45480. If BANK NIFTY trades above this level, we may witness a further rally up to 45730-45885-46130 levels. However, if BANK NIFTY trades below 45480 levels, we may see some profit booking initiating in the market, potentially leading to a correction down to 45325-45075-44920 levels
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Nifty has an immediate support placed at 19900 - Nirmal Bang
