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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 25013 on 8 th October, marking a gain of 217 points. On the daily chart, the index has formed a bullish candle; however, it remained confined within the previous session's high-low range, indicating a lack of strength or momentum in either direction. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating a negative bias. The chart pattern suggests that if Nifty crosses and sustains above the 25150 level, it could witness buying, which would push the index towards 25300- 25400 levels. Important support for the day is around 24800. However, if the index sustains below 24800, it may witness profit booking, which could bring the index down to 24700-24600 levels. Nifty is trading below its 20-day SMA, indicating a negative bias in the short term. Nifty continues to remain in a downtrend, so exiting on small pullback rallies remains our preferred strategy. The daily strength indicator RSI is moving downwards and is below its reference line, indicating a negative bias. The trend-deciding level for the day is 24940. If Nifty trades above this level, we may witness a further rally up to 25120-25225-25405 levels. However, if Nifty trades below 24940, we may see profit booking, which may correct Nifty to 24830-24650-24545 levels.

Bank Nifty

Bank Nifty opened on a flat note and remained in a small range throughout the day. Bank Nifty closed at 51021 on 8 th October with a gain of 542 points. On the daily chart, the index has formed a small bullish candle with shadows on either side, representing indecisiveness among participants regarding the direction. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating short-term profit booking. The chart pattern suggests that if Bank Nifty crosses and sustains above the 51200 level, it could witness buying, pushing the index towards 51400- 51500 levels. Important support for the day is around 50800. However, if the index sustains below 50800, it could see profit booking, leading the index towards 50700-50500 levels. Bank Nifty is trading below its 20 and 50-day SMAs, indicating a negative bias in the short term. Bank Nifty continues to remain in a downtrend, so exiting on small pullback rallies remains our preferred strategy. The daily strength indicator RSI is moving downwards and is below its reference line, indicating a negative bias. The trend-deciding level for the day is 50890. If Bank Nifty trades above this level, we may witness a further rally up to 51310-51600-52020 levels. However, if Bank Nifty trades below 50890, we may see profit booking, which could correct the index to 50600-50180-49890 levels.

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