Today Nifty close in positive after a gap down Opening. Nifty open at 22,576.85, High 22,710.50, Low 22,567.85 , Close 22,648.20. Nifty gain around 43.35 points form aย Bullish Greenย candle.
Similarly Banknifty close in Red. Yesterday it forms a shooting star and todayโs close give a confirmation to the shooting star. Banknifty not looking bullish on day candle but itโs bullish in weekly candle. BankNifty open at 49,262.00, High 49,529.35, Low 49,123.60 , Close 49,231.05. BankNifty lose around -165.70 points form aย Redย candle.
NIFTY
- Market Prediction:ย Nifty does not give any clear indication on which direction its can go. From here there is two possibility. One its can go toward 23000 points by breaking the all time high. Second its can reverse, if itโs break the middle line of channel it can touch 21900. Both can be possible from here. Stay cautious as election is going on.
- Support and Resistance Levels:ย Support levels are placed at 22500, 22400, and 22600.ย 22500ย having strong support level. Resistance levels are at 22700, 22800, 23000.ย 22700 may act as strong resistanceย level till next week as per option chain and open interest analysis. Heavy put selling on the lower strike and less call selling.
- Call OI change +1.26Cr
- Put OI change +1.27Cr
- PCRย is atย 1.06ย indicate Strong bullish. Andย 0.98ย near the ATM.
FII & DII data are also not very clear indication for any trend and its starting of the month for OI buildup.
BANKNIFTY
- BankNifty forms a shooting star and todayโs close give a confirmation to the shooting star. Which is not a good sign for bullish market
- Support and Resistance Levels:ย Support levels are placed at 49000, 48500.ย 49000ย having strong support level. Resistance levels are at 49500, 50000.ย 50000 may act as strong resistanceย level till next week as per option chain and open interest analysis.
- PCRย is atย 0.78ย indicate Not very bullish. Andย 0.86ย near the ATM.
- Call OI change +68.27L
- Put OI change +51.54L
Trading Strategy
As Market is not giving any clear indication. Its better to watch if its break any side in the trendline then one can find the Buy or Sell opportunity depending on the support and resistance level.
Financial Disclaimer:ย This article is for informational purposes only and should not be construed as financial advice. Please consult a qualified financial advisor before making any investment decisions. The author and publisher are not responsible for any losses incurred as a result of using the information provided herein.
