NIFTY trades below 19450 levels, then we may see some profit booking initiating in the market, which may correct up to 19405-19370-19330 levels - Axis securities Ltd
![](https://portfolio.investmentguruindia.com//uploads/news/axis securities.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 lower with a downward gap and remained lackluster within a narrow trading range throughout the session. Nifty closed at 19444 on 13th November with a loss of 82 points.
On the daily chart, the index has formed a small bearish candle with either side shadows indicating lackluster movement throughout the session. 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 Nifty crosses and sustains above the 19500 level, it would witness buying, leading the index towards 19600-19700 levels. Important supports for the day are around 19400. However, if the index sustains below 19400, it may witness profit booking, taking the index towards 19300-19200 levels. Nifty is trading above its 20 and 200-day SMA, indicating a positive bias in the short term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
The daily RSI remains flat and above its reference line, suggesting a neutral momentum with no clear direction.
The trend-deciding level for the day is 19450. If NIFTY trades above this level, then we may witness a further rally up to 19485-19530-19565 levels. However, if NIFTY trades below 19450 levels, then we may see some profit booking initiating in the market, which may correct up to 19405-19370-19330 levels
Banknifty
Banknifty opened with a downward gap and traded with extreme volatility on either side. Banknifty closed at 43891 on 13th November with a loss of 105 points.
On the daily chart, the index has formed a bearish candle with a lower shadow, indicating buying at lower levels. 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 Banknifty crosses and sustains above the 44000 level, it would witness buying, leading the index towards 44200-44300 levels. Important supports for the day are around 43700. However, if the index sustains below 43700, it may witness profit booking, taking the index towards 43600-43500 levels. Banknifty is trading above 20 and 200-day SMAs, indicating a positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI continues to remain flat and is above its reference line, indicating the absence of momentum on either side.
The trend-deciding level for the day is 43850. If BANK NIFTY trades above this level, then we may witness a further rally up to 44015-44135-44305 levels. However, if BANK NIFTY trades below 43850 levels, then we may see some profit booking initiating in the market, which may correct up to 43725-43560-43435 levels.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
![](https://portfolio.investmentguruindia.com/uploads/news/Power 2510.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Infrastructure28.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/NKSingh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Boman Irani and M D, President, CREDAI.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ITSEctor123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Growth Chart 50.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shripal Shah, MD & CEO, Kotak Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gold_29.12.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Import export.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Crane_Sanghavi.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
Weekly option data indicates an immediate band of 24500-24200 itself - Tradebulls Securities
![Benchmark index is likely to trade volatile today. Index has support at 24100 - 24050 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![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)
![Bought Index Futures to the tune of 898.20 Cr - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
Market Steadies, Continues Upward Trend Post Initial Volatility - HDFC Securities
![Nifty commenced the truncated week on a bullish note retaining its trading base at 22400 - Tradebulls Securities Pvt Ltd](https://portfolio.investmentguruindia.com/uploads/news/Tradebulls Securities Ltd.jpg)
![Morning Nifty and Derivative comments 24 November 2023 By Anand James, Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/Broker _19.jpg)
![Nifty is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)