Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day - Axis Securities Ltd
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day. Nifty closed at 23399 on 13th June, marking a gain of 76 points. On the daily chart, the index has formed a bearish candle with a small lower shadow, indicating buyer at lower level. 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 23500, it would witness buying, which could lead the index towards 23600-23700 levels. Important support for the day is around 23300. However, if the index sustains below 23300, it may witness profit booking, which could take the index towards 23200-23100 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 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 23410. If Nifty trades above this level, we may witness a further rally up to 23470-23540-23595 levels. However, if Nifty trades below 23410, we may see some profit booking initiating in the market, which may correct Nifty up to 23340-23285-23215 levels.
Bank Nifty
Bank Nifty opened with an upward gap but witnessed selling from the opening tick to close on a flat/negative note. Bank Nifty closed at 49847 on 13th June with a loss of 48 points. On the daily chart, the index has formed a bearish candle; however, it remained restricted within the previous session's high-low range, indicating absence of strength on either side. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a medium-term uptrend. The chart pattern suggests that if Nifty crosses and sustains above the 50000 level, it would witness buying, leading the index towards 50200-50500 levels. Important support for the day is around 49700. However, if the index sustains below 49700, it could witness profit booking, leading the index towards 49500-49300 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 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 49945. If Bank Nifty trades above this level, we may witness a further rally up to 50090-50330-50475 levels. However, if Bank Nifty trades below 49945, we may see some profit booking initiating in the market, which may correct Bank Nifty up to 49700-49555-49315 levels.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
![](https://portfolio.investmentguruindia.com/uploads/news/telangana22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Manoranjan Sharma, Infomerics Ratings.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Manoranjan Sharma, Infomerics Ratings.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/india22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Manish Chowdhury.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Suman Bannerjee.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/farm22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/karnal22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
Tag News
Sensex ends lower ahead of Union Budget 2024-25
![Daily Market Analysis : The markets began the week on a subdued note and ended nearly unchanged, reflecting caution ahead of the Union Budget Says Mr. Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking](https://portfolio.investmentguruindia.com/uploads/news/Broker _26.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : Markets resumed a corrective tone after the recent breather and lost...
![Morning market quote : Market experts have been repeatedly warning of froth in the mid-and small-cap segments says Dr. V K Vijayakumar, Geojit Financial Services.](https://portfolio.investmentguruindia.com/uploads/news/bc2743f44cca235787dc9ff33c9eb9c5.jpg)
![Nifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day - Axis Securities](https://portfolio.investmentguruindia.com/uploads/news/axis securities.jpg)
![India VIX index is at 11.15 v/s 10.62 ATM CE IV 10.78 & PE IV 12.47 - Axis securities Ltd](https://portfolio.investmentguruindia.com//uploads/news/Axis Securities Ltd.jpg)