MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS FOR THE DAY (6TH FEB 2020)
Benchmark indices rallied for the third consecutive day and close in green ahead of Reserve Bank of India’s policy decision on Thursday. The S&P BSE Sensex rose 0.87 percent to end at 41,142 and the NSE Nifty 50 rose 0.91 percent to end at 12,089.15. The broader markets represented by the NSE Nifty 500 Index rose 1 percent on the previous trading session.
The market breadth was tilted in favor of buyers. About 1005 stocks advanced and 772 shares declined on the National Stock Exchange. Ten out of 11 sectors compiled by the NSE ended higher, led by the NSE Nifty Metal Index gain by 2.7 percent. On the other side, the NSE Nifty Media Index was the only sector to down by 0.9 percent on Wednesday trading session.
According to Open Interest Data, the Maximum Call open interest stand at 12100 ( 35 Lacs ) and put 12000(31 Lacs) suggests us a narrow trading range of 100 points 12000 on the downside and 12100 on the upside. 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 a put option and long buildup in call option indicate green move ahead
The price moved in green for the third straight day and still left indices in grip of bulls
Now, what next???
Nifty future has support at 12000 and resistance at 12100. Either side of the move will give 100 points rally in the respective directions.
Any fresh sell would be seen only closing below 11800
According to Open Interest Data, the Maximum Call open interest stand at 31300 ( 6.4 Lacs ) and put option30500(7.8 Lacs ) suggests a trading range of 800 points. Valuation wise maximum Call & Put stands at 31000 make it an important level.PCR stands at 30800 validate it as a strong immediate support level. Writing in a put option and call option indicate upside move ahead.
On the other hand,
Bank Nifty future has support at 30800 and resistance at 31200
Buy above 31200 will take it to 31500-31700, else it could test its resistance level of 30800 on the downside.