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Nifty

Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Nifty closed at 25419 on 17th September, marking a gain of 35 points. On the daily chart, the index has formed a small bearish candle with shadows on either side, indicating lackluster movement throughout the session. 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 25500 level, it would witness buying, which could lead the index towards 25600-25700 levels. Important support for the day is around 25350. However, if the index sustains below 25300, it may witness profit booking, which could take the index towards 25200-25000 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 remains flat and is above its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 25405.

If Nifty trades above this level, we may witness a further rally up to 25455-25495-25545 levels. However, if Nifty trades below 25405, we may see some profit booking initiating in the market, which may correct Nifty down to 25365-25315-25275 levels.

Bank Nifty

Bank Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. Bank Nifty closed at 52189 on 17th September, with a gain of 36 points. On the daily chart, the index has formed a small bearish candle with shadows on either side, indicating indecisiveness among participants regarding the direction. The index continues to move in a higher top and higher bottom formation on the hourly chart, indicating a positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above the 52350 level, it would witness buying, leading the index towards 52500-52600 levels. Important support for the day is around 52000. However, if the index sustains below 52000, it could witness profit booking, leading the index towards 51900-51700 levels.

Bank Nifty is trading above the 20, 50, 100, and 200-day SMA, indicating a positive bias in the 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 52185. If Bank Nifty trades above this level, we may witness a further rally up to 52285-52385-52485 levels. However, if Bank Nifty trades below 52185, we may see some profit booking initiating in the market, which may correct Bank Nifty down to 52090-51985-51890 levels.

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