Morning nifty, bank nifty and stocks levels (18th Feb 2020)
Benchmark indices ended red on the third straight day with high volatility on the first trading session of the week. The S&P BSE Sensex fell 0.49 percent to close at 41,055.69 and the NSE Nifty 50 fell 0.56 percent to close at 12,045.80. The broader markets index represented by the NSE Nifty 500 Index fell 0.7 percent.
The market breadth was in favor of the seller. Around 832 shares have advanced, 1684 shares declined, and 161 shares remain unchanged. All the 11 sectors compiled by NSE Nifty ended lower led by major fall in PSU Bank around 3 percent while metal, pharma, infra, and energy fell 1 percent each on the Monday trading session.
According to Open Interest Data, the Maximum Call open interest stand at 12200 and put 12000 suggests us resistance and support for the index. Valuation wise maximum Call & Put stands at 12100 indicate major level for market, PCR stand at 12000 validate it as a strong support level. writing in call and buildup in put option indicates flat to red move ahead
Continuous third straight day, the market closed in the red. After giving a positive opening price slipped from higher levels and bear dominate the market throughout the day. Finally index settled at 12066.05 with losing the value of 0.52%
The index has a trading range of 280 points 11980 on downside and 12260 on the upside. Either side of the breakout will give a clear indication of market trends.
about Bank nifty, Future has support at 30600 and resistance at 31700 on a weekly basis.
Now, what next???
Nifty future has support at 12050 and resistance at 12100.
Sell below 12050 will take it to 12000-11960. Above 12050 Price may test its resistance level.
The fresh buy will see only closing above 12260
According to Open Interest Data, Maximum Call open interest stand at 31500 (contract wise) and put option30500(contract wise) suggests a trading range of 1000 points. valuation wise index has an important level at 31000. PCR stands at 30500 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 30650 and resistance at 31100
Trading below 30650 will take it to 30500-30300, else it could test its resistance level of 31100 on the upside.
Nifty Energy looks negative on the chart
Nifty Energy looks weak on the daily chart and we will expect a sharp downside move in this sector till 14500 levels in days to come. Hurdle around 15400, break above 15400 will see any fresh upside move in this sector.
Stock like BPCL and Adani Trans looks weak on the charts and expect downside move in the coming days. Traders can go short on any rise in these stocks for the day.
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