MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (20TH FEB 2020)
19/2/2020

MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (20TH FEB 2020)

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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.

NIFTY

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.



BANKNIFTY

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.




Bank Nifty future has support at 30650 and resistance at 31000

Trading above 31000 will take it to 31200-31350, else it could test its support level of 30650 on the downside.







Nifty Pharma is on Fire mode




As expected Nifty Pharma skyrocketed in today's trading session. Hope you all enjoying today's rally. Again we will recommend to go for Nifty Pharma for today's trading session. Now small hurdle around 8400, break and close above 8400 will take it to 8600 and then to 8800 levels in days to come. Support around 8150, break and close below 8150 will see any sharp downside move in this sector.

Stock like PEL and Cadila 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...


CANFINHOME 






 Stock looks bullish on the daily chart and ready to break its hurdle. Hurdle around 520, break and sustain above 520 will see a sharp upside move till 540 levels and then to 560 levels in days to come. Support and stop loss remains at 500 on a closing basis.



HDFC LIFE 





 Stock looks positive and form a bullish candle from lower levels on the daily chart. Traders can do buying around 575 for the upside move till 600 and then to 620 levels in days to come. Support and stop-loss at 555 on a closing basis.





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Tags:Morning Nifty Update, Equity Cash, Equity Future

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