MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (19TH FEB 2020)
18/2/2020

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

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Benchmark indices ended lower for the fourth consecutive session and recovered from intraday low in the last trading hour. The BSE Sensex ended lower by 0.39 percent to close at 40,894.38. The NSE Nifty 50 fell for the fourth day in a row by 0.44 percent to end at 11,992.50. The broader markets represented by the NSE Nifty 500 Index fell 0.46 percent.

The market breadth was tilted in favor of sellers. Around 884 shares have advanced, 1570 shares declined, and 152 shares are unchanged. All the sectors ended lower led by the NSE Nifty Metal Index’s 1.2 percent fall. On the other side NSE, IT and Media are the sectors to close in the green on Tuesday trading session.

NIFTY

According to Open Interest Data,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 12000 indicate major level for market, PCR stand at 11900  validate it as a strong support level. Writing in call and short covering in put option indicates undecisive move ahead



After three red black crows on daily chart, today index has taken a recovery from the lower levels of day and closed in hammer. Although a sharp recovery from lower levels price struggle to closed above 12000(Spot level). 


Now, what next???

Nifty future has support at 11900 and resistance at 12050.

Buy above 12050 will take it to 12100-12130. Below 11980 Price may test its support level.



BANKNIFTY

According to Open Interest Data, the Maximum Call open interest stand at  31000 (contract wise)   and put option30000(contract wise)  suggests a trading range of 1000 points. valuation wise index has an important level  30700 on the upside and 30500 on the downside. Either side of the breakout will another 150-200 points in the respective direction. PCR stands at 30000  validate it as a strong immediate support level. Writing in call and short covering in put option indicates undecisive move ahead




Bank Nifty future has support at 30500 and resistance at 30710

Trading above 30710 will take it to 30850-30950, else it could test its support level of 30500 on the downside.












Nifty Pharma is ready to take reversal



Today we have seen a sharp bounce from lower levels Nifty Pharma. Now we will expect a sharp upside move till 8300 and then to 8400 levels in days to come. Support around 8060, break and close below 8060 will see any sharp downside move in this sector.


Stock like Auropharma and Divis Lab 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...


RCF 





 Stock form a bullish engulfing candle on the daily chart. We will expect a sharp upside move from the current levels. Traders can go long around 43 for the upside move till 45 and then to 47 levels in days to come. Support and stop loss remains at 41 on a closing basis.



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Tags:Morning Nifty Update, Equity Cash, Equity Future

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