MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (14TH FEB 2020)

After two days of consecutive rally, the benchmark indices ended lower on the weekly F&O expiry. The S&P BSE Sensex fell 0.26 percent to close at 41,459.79 and the NSE Nifty 50 fell 0.22 percent to close at 12,174.65. The broader markets represented by the NSE Nifty 500 Index fell 0.19 percent.

The market breadth was tilted in favor of sellers. About 986 stocks declined and 790 shares advanced on National Stock Exchange. Six out of 11 sectors compiled by NSE ended lower, led by the NSE Nifty Private Bank Index fall by 1.4 percent. On the other side, the NSE Nifty Pharma Index was the top sector to gain by 0.85 percent on the Thursday trading session.

NIFTY

According to Open Interest Data, the Maximum Call open interest stand at 12200   and put 12100 suggests us support and resistance for the index. Valuation wise maximum Call & Put stands at 12200 indicate major level for market, PCR stand at 12100  validate it as a strong support level. Writing in call and buildup in put option indicates flat to red move ahead

Index snapped its three-day winning streak and closed in red

Now, what next???

Nifty future has support at 12100 and resistance at 12200.

Buy above 12100 will take it to 12150-12180. Above 12200 Price may witness of short-covering, else it could test 12060-12040 on the downside.

Fresh sell will see only closing below 12000

BANKNIFTY

According to Open Interest Data, the Maximum Call open interest stand at  31500 (contract wise)   and put option31000(contract wise)  suggests a trading range of 500 points. valuation wise index has an important level at 31500. PCR stands at 31000  validate it as a strong immediate support level. Writing in call and buildup in put option indicates flat to red move ahead

Bank Nifty future has support at 31200 and resistance at 31400

Buy above 31400 will take it to 31600, else it could test its support level of 31200 on the downside.

Fresh sell will see only closing below 31000

Nifty IT looks highly bullish on the charts

Today we have seen a sharp upside move in Nifty IT. Now major hurdles around 16720, break and close above 16720 will take it to 17000 and then to 17400 levels in days to come. Support around 16400, break and close below 16400 will see any sharp downside move in this sector.

Stock like TCS and INFY looks positive on the charts and expect an upside move in the coming days. Traders can go long on any dip in these stocks for the day.

CONCENTRATE ON...

MINDTREE FUTURE

Stock is trading in a positive trend and gives an upside breakout on the chart. We will expect more upside movement in it.  

Traders can buy around 932 with a stop loss below 915 levels on a closing basis for the target of 960 +++ levels in days to come.

BALKRISIND FUTURE

Stock has formed a bullish flag pattern and looks attractive above 1160 levels on the chart. Technically we will expect an upside rally in this stock.

Traders can buy above 1160 with a stop loss below 1135 levels on a closing basis for the target of 1185--1200 +++ levels in the coming day.