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Nifty

Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day. Nifty closed at 24613 on 16th July, marking a gain of 26 points. On the daily chart, the index has formed a "Doji" candlestick formation, indicating indecisiveness among market participants regarding the direction. 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 24700 level, it would witness buying, which would lead the index towards 24800-24900 levels. Important supports for the day are around 24500. However, if the index sustains below 24500, it may witness profit booking, which would take the index towards 24400-24300 levels. Nifty is trading above the 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, making buying on dips our preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, indicating positive bias. The trend-deciding level for the day is 24620. If Nifty trades above this level, we may witness a further rally up to 24655-24695-24725 levels. However, if Nifty trades below 24620 levels, we may see some profit booking initiating in the market, which may correct Nifty up to 24580-24545-24505 levels.

Bank Nifty

Bank Nifty opened on a flat note and remained in a small range throughout the day. Bank Nifty closed at 52397 on 16th July with a loss of 59 points. On the daily chart, the index has formed a small bearish candle with shadows on either side, indicating lacklustre movement throughout the session. 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 Bank Nifty crosses and sustains above the 52500 level, it would witness buying, leading the index towards 52650-52850 levels. Important supports for the day are around 52300. However, if the index sustains below 52300, it could witness profit booking, leading the index towards 52200-52000 levels. Bank Nifty is trading above the 20, 50, 100, and 200-day SMA, indicating a positive bias in the short to 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 continues to remain flat and is below its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 52450. If Bank Nifty trades above this level, we may witness a further rally up to 52565-52735-52855 levels. However, if Bank Nifty trades below 52450 levels, we may see some profit booking initiating in the market, which may correct Bank Nifty up to 52280-52160-51990 levels.

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