Nifty & Bank Nifty Update with stocks level (17th Feb 2020)
17/2/2020

Nifty & Bank Nifty Update with stocks level (17th Feb 2020)

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Benchmark indices ended lower for the second consecutive day with a volatile trading session. After Supreme Court refuses any relief to telecom firms on dues and initiated contempt cases against telecom companies. BSE Sensex fell 0.49 percent to close at 41,257.74 and the NSE Nifty fell 0.5 percent to close at 12,113.45. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.

During Market hour WPI inflation data has been released by the ministry of commerce and Industry which was stood at 3.1 percent in January. The market breadth was in favor of sellers. About 1,157 stocks declined and 625 shares advanced on National Stock Exchange. All the sectors including Nifty ended lower with PSU Bank Index down by 2 percent followed by auto, FMCG, metal, energy and IT on the last trading of the week.


NIFTY

 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

 

BANKNIFTY

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...

BAJAJFINSV FUTURE

                                    




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.


RBLBANK FUTURE

                                           




Stock is trading in consolidation and looks weak on the chart. Technically we will expect a downside rally in this stock.
Traders can sell below 314.50 with a stop loss above 330 levels on a closing basis for the target of 298 levels in the coming day.

 



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