MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (20TH FEB 2020)
Benchmark indices ended on the positive note and broke the four days losing streak to close near days high. The S&P BSE Sensex rose 1.05 percent to close at 41,323 and the NSE Nifty 50 rose 1.15 percent to close at 12,125.90. The broader markets represented by the NSE Nifty 500 Index rose 1.3 percent.
The market breadth was tilted in favour of buyers. Around 1499 shares have advanced, 982 shares declined, and 173 shares are unchanged. All the sectors ended higher on the Wednesday trading session.
According to Open Interest Data,Maximum Call open interest stand at 12200 and put 12100 suggests us resistance and support for the index. Valuation wise maximum Call & Put stands at 12100 indicate major level for market, PCR stand at 12050 validate it as a strong support level. Buildup in call and writing in put option indicates green move ahead.
Yesterday, Index gave a gap opening and successfully hold it. Bulls are more active than bears and likely to be. Due to weekly expiry, we are expecting a volatile session
Now, what next???
Nifty future has support at 12200 and resistance at 12100.
Buy above 12200 will take it to 12260-121280. else it could test its support level of 12100 on the downside.
Below 12100 Price may test its 12060-12040 on the downside.
According to Open Interest Data, Maximum Call open interest stand at 31000 (contract wise) and put option30500(contract wise) suggests a trading range of 500 points. valuation wise index has an important level 31000 on the upside and 30800 on the downside. Either side of the breakout will another 200-350 points in the respective direction. PCR stands at 30500 validate it as a strong immediate support level. Buildup in call and writing in put option indicates green move ahead.
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