Nifty opened with an upward gap but witnessed selling from the opening tick to end flat by Axis Securities Ltd
Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end flat, closing at 24124 on 2nd July, marking a loss of 18 points. On the daily chart, the index has formed a bearish candle with a lower shadow, indicating buying at the upward sloping trendline. 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 24200 level, it would witness buying, leading the index towards 24300-24500 levels. Important support for the day is around 24100. However, if the index sustains below 24100, it may witness profit booking, taking the index towards 24000-23900 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 a positive bias. The trend-deciding level for the day is 24140. If Nifty trades above this level, we may witness a further rally up to 24220-24320-24400 levels. However, if Nifty trades below 24140 levels, we may see some profit booking initiating in the market, which may correct Nifty down to 24040-23960-23860 levels.
Bank Nifty
Bank Nifty opened with an upward gap but witnessed selling from the opening tick to close on a negative note. Bank Nifty closed at 52168 on 2nd July, marking a loss of 407 points. On the daily chart, the index has formed a bearish candle but is currently trading at all-time highs, indicating that the current price action might just be a pullback. 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 52300 level, it would witness buying, leading the index towards 52500-52700 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 51800-51700 levels. Bank Nifty is trading above the 20, 50, 100, and 200-day SMAs, 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 has turned negative from the overbought territory and is below its reference line, indicating a profit booking. The trend-deciding level for the day is 52330. If Bank Nifty trades above this level, we may witness a further rally up to 52665-53165-53495 levels. However, if Bank Nifty trades below 52330 levels, we may see some profit booking initiating in the market, which may correct Bank Nifty down to 51835-51500-51000 levels.
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