Today Nifty close in positive after a gap own Opening. Nifty open at 22,475.55, High 22,655.80, Low 22,441.90 , Close 22,643.40. Nifty gain around 223.55 points form a Bullish engulfing candle.
BankNifty open at 48359.90, High 49473.60, Low 48342.70 , Close 49424.05. BankNifty gain around 1223.55 points form a Bullish Marubozu candle.
Nifty:
- Market Prediction:ย The overall sentiment show towards a continuation of the positive trend. Market close above all the moving average which is a good positive trend.
- Support and Resistance Levels:ย Support levels are placed at 22500, 22400, and 22600.ย 22500ย having strong support level. Resistance levels are at 22800, 23000.ย 23000 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 -5.59L
- Put OI change +1.73Cr
- PCRย is atย 1.13ย indicate Very Strong bullish. And 0.76 near the ATM.
FII & PRO dataย showing Bullish in trend
Banknifty
- BankNifty form strong bullish candle Bullish Marubozu.
- 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 1.65ย indicate Very Strong bullish. And 1.01 near the ATM.
Trading Strategy
As Market is near the Monthly expiry and Nifty near the all time high market can see a resistance for sometime . So trade with low quantity till trend break the resistance level. But no short at this time.
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.
