Benchmark indices rallied for the fourth consecutive day on the weekly expiry after the Monetary Policy Committee decided to keep interest rates unchanged as expected. The S&P BSE Sensex rose 0.4 percent to close at 41,306.03 and the NSE Nifty rose 0.4 percent to close at 12,137.95. The broader markets represented by the NSE Nifty 500 Index rose 0.53 percent.
During the previous trading hours, India’s Monetary Policy Committee keep the interest rates unchanged. Concluding its three-day meet, the committee voted to keep the repo rate unchanged at 5.15 percent and MPC keeps reverse repo rate unchanged at 4.9 percent.
The market breadth was tilted in favor of buyers. About 1,021 stocks advanced and 756 shares declined on National Stock Exchange. Eight out of 11 sectors compiled by the NSE ended lower, led by the NSE Nifty PSU Bank Index gain by2.83 percent. On the other side, the NSE Nifty FMCG Index was the top sector to lose by 0.64 percent on the Thursday trading session.
According to Open Interest Data, the Maximum Call open interest stand at 12200 and put 12000 suggests us support and resistance 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 a put option and long buildup in call option indicate green move ahead
Price maintain bullish momentum on the upside and closed with Dozi on the daily chart.
Now, what next???
Nifty future has support at 12100 and resistance at 12200. Either side of the move will give 100 points rally in the respective direction.
Any fresh sell would be seen only closing below 12000.
According to Open Interest Data, the Maximum Call open interest stand at 31500 (contract as well as valuation wise) and put option31000(contract as well as valuation wise ) suggests a trading range of 500 points. PCR stands at 31000 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 31550 and resistance at 30950
Buy above 31550 will take it to 31700-32000, else it could test its resistance level of 30950 on the downside. Nifty Financial looks highly bullish on the charts
After a sharp pullback from the lower level, Nifty Finserv looks highly positive on the daily chart. We will expect an upside rally continuous till 15000 levels in days to come. Support around 14000, break and close below 14000 will see any sharp downside move in this sector.
Stock like ICICIGI and Bajaj Finance 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.
Stock is trying to take reversal from the support level and formed a bullish candle on the daily chart. Traders can do buying around 335 for a sharp upside move till 350 and then to 360 levels in days to come. Support and stop loss remains at 320 on a closing basis.
After a short correction on the daily chart, the stock is trying to take reversal on the daily chart. We will expect a sharp upside move in this stock in the coming days. Traders can do buying around 165 for the upside target of 180 and then to 190 levels in days to come. Support and stop loss remains at 150 levels on a closing basis.
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