Nifty & Bank Nifty Update with stocks level (17th Feb 2020)
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 12200 indicate major level for market, PCR stands at 12000 validates it as a strong support level writing in call and buildup in put option indicates flat to red move ahead.
The index closed in Dozi on the weekly chart and left index indecisive for next week. 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 31700 and resistance at 30700 on a weekly basis.
We are expecting a volatile week ahead
Now, what next???
Nifty future has support at 12100 and resistance at 12200.
Sell below 12100 will take it to 12050-12020. Above 12200 Price may witness of short covering.
Fresh buy will see only closing below 12260
According to Open Interest Data, the 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 30750 and resistance at 31100
Trading below 31750 will take it to 31500, else it could test its resistance level of 31100 on the downside.
Now concentrate on...
After an upside rally, the stock is trading near its hurdle of a super trend on the chart and takes a reversal from upper levels. We will expect a downside movement in it.
Traders can sell below 9685 with a stop loss above 9855 levels on a closing basis for the target of 9500 levels in days to come.