02/12/2019

MORNING NIFTY AND BANK NIFTY UPDATE ALONG WITH STOCKS LEVELS (3RD DEC 2019)

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The market ended flat on the first trading day of the week. The S&P BSE Sensex rose 0.02 percent to close at 40,802.17 while the NSE Nifty fell 0.07 percent to 12,048. The broader markets represented by the NSE Nifty 500 Index fell 0.16 percent. On Monday trading session Manufacturing PMI data of November has been released which is better than market expectation at 51.2 vs 49.8 forecasted. 

On the first day of Ujjivan, Small Finance Bank’s initial public offering (IPO) opened for a subscription has already been subscribed 1.05 times even before the end of the first day of bidding.

Ten out of 11 sectors compiled by NSE ended lower, led by the NSE Nifty IT Index’s 0.97 percent fall and the NSE Nifty Metal Index was the only sector to gain by 0.27 percent on the previous trading session.




Nifty Future

According to Open Interest Data, the Maximum Call option open interest stands at 12100 ( on contract wise as well as valuation wise) and put option open interest stands at 12000( on contract wise as well as valuation wise)  suggests us a very narrow trading level for the index. Below  12100 bull is likely to weaken its momentum for 12030-12000 level on the downside. Bear needs to trade below 12000 to be active. Writing in call and put option suggest indecisive move ahead.



Nifty future neither breach its support nor breach its resistance and finally settled around 12100. 

Now, what to expect???

Support at 12050 and resistance at 12120---12150

Break and sustain below 12050 will take it to 12020---12000 and then to 11960 levels in days to come else it could test its resistance level of 12120---12150. 

More and more upside rally will see on a close above 12150 levels. 

Traders can trade with levels only and wait for confirmation.




Bank Nifty future


Maximum Call stands at 32000  and Put at 31500 strikes indicates support and resistance for the index. Valuation wise call and put option data give support around 31800. Trading below 32000 may weaken sentiments for bull and shown a profit booking for a level of 31700-31500 on the downside. PCR stands at 31500 suggests us strong support for the index. Writing in call and short-covering input option suggests weak sentiment ahead.



Too not able to breach its support level of 31700 and bounced back again to 31950 levels. 

Still, 31700 act as support while 32200 act as resistance. 

Close below 31700 will take it to 31400---31250 and then to 30900 levels else it could test its resistance level of 32000---32200 levels again. 

Major upside rally will see on a close above 32200 levels only.







Concentrate on...


BEML





 
Stock looks positive and formed a bullish candle on the daily chart. Traders can do buying around 1020 for the upside move till 1070 and then to 1100 levels in days to come. Support and stop-loss at 975 on a closing basis.



APLAPOLLO 





Stock form a strong bullish candle on the daily chart and ready to fly in uncharted territory. Traders can go long on dip around 1600 for the upside move till 1650 and then to 1700 levels in days to come. Support and stop loss remains at 1550 on a closing basis.




Now further stocks are AMBUJACEMUBL Future are password protected and free for our regular subscribers only!!!






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Tags:Morning Nifty Update, Equity Cash, Equity Future

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