Nifty

Nifty opened on a flat note and remained in a small range throughout the day which led to close at 13982 levels. On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. 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 14000 level it would witness buying which would lead the index towards 14100-14200 levels. However if index breaks below 13900 level it would witness selling which would take the index towards 13800-13600. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty 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 has turned positive from the oversold territory and is above its reference line indicating sustained uptrend. The trend deciding level for the day is 13980. If NIFTY trades above this level then we may witness a further rally up to 14025-14070-14115 levels. However, if NIFTY trades below 13980 levels then we may see some profit booking initiating in the market, which may correct up to 13935-13895-13850 levels.

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer