The index has formed a Bullish candle with a lower shadow indicating buying at lower levels- Axis Securities
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Nifty
Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. On 26th April, Nifty closed at 17814 with a gain of 44 points. On the daily chart the index has formed a bullish candle with a long 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 positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17900 level it would witness buying which would lead the index towards 18000-18100 levels. Important Support for the day is around 17700 However if index sustains belwo 17700 then it may witness profit booking which would take the index towards 17600-17500 levels.. Nifty is trading above 20, 50 and 200 day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be 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 17785. If NIFTY trades above this level then we may witness a further rally up to 17855-17900-17975 levels. However, if NIFTY trades below 17785 levels then we may see some profit booking initiating in the market, which may correct up to 17740-17670-17625 levels.
Banknifty
Banknifty opened with a downward gap however buying support at lower levels pulled the index to end on a positive note. On 26th April, Banknifty closed at 42830 with a gain of 151 points. On the daily chart the index has formed a Bullish 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 positive bias. The chart pattern suggests that if Nifty crosses and sustains above 43000 level it would witness buying which would lead the index towards 43150-43300 levels. Important Support for the day is around 42600 However if index sustains below 42600 then it may witness profit booking which would take the index towards 42400-42300 levels. Banknifty is sustaining above its 20, 50, 100 and 200- day SMA which signals bullish sentiments in near 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 42715. If BANK NIFTY trades above this level then we may witness a further rally up to 42995-43155-43435 levels. However, if BANK NIFTY trades below 42715 levels then we may see some profit booking initiating in the market, which may correct up to 42550-42270-42105 level.
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