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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end the session on a flat note. However, the index witnessed a very volatile session. Nifty closed at 19993 on 12th September with a loss of 3 points.

On the daily chart, the index has formed a bearish candle with a lower shadow indicating buying at lower levels. 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 20100 level, it would witness buying, which would lead the index towards 20200-20300 levels. Important supports for the day are around 19900. However, if the index sustains below 19900, then it may witness profit booking, which would take the index towards 19800-19700 levels. Nifty is trading above 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, 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 a positive bias.

The trend-deciding level for the day is 20005. If NIFTY trades above this level, then we may witness a further rally up to 20095-20200-20295 levels. However, if NIFTY trades below 20005 levels, then we may see some profit booking initiating in the market, which may correct up to 19900-19810-19705 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 45511 on 12th September with a loss of 59 points.

On the daily chart, the index has formed a bearish candle with a lower shadow indicating buying at lower levels. 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 45650 level, it would witness buying, which would lead the index towards 45800-45900 levels. Important support for the day is around 45450. However, if the index sustains below 45450, then it may witness profit booking, which would take the index towards 45350-45200 levels. Bank Nifty is sustaining above its 20, 50, 100, and 200-day SMAs, which signal bullish sentiments in the near term. Bank Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be 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 45575. If BANK NIFTY trades above this level, then we may witness a further rally up to 45830-46145-46400 levels. However, if BANK NIFTY trades below 45575 levels, then we may see some profit booking initiating in the market, which may correct up to 45260-45005-44685 levels.

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