Benchmark indices ended at record high and stocks extended gains for the fourth consecutive trading session. The S&P BSE Sensex rose 0.62 percent to close at an all-time high at 41,859.65 and the NSE Nifty 50 rose 0.59 percent to end at a record high at 12,329.55. The broader markets represented by the NSE Nifty 500 Index rose 0.67 percent.
The market breadth was tilted in favor of buyers. About 1,184 stocks advanced and 640 shares declined on National Stock Exchange. All the 11 sectors compiled by NSE ended higher, led by the NSE Nifty Realty Index gain by 2.1 percent on the first trading session of the week.
According to Open Interest Data, Maximum Call open interest stand at 12500 ( contract wise as well as valuation wise ) and put option 12300(contract wise as well as valuation wise) suggests us immediate support and resistance for the market. Writing input and buildup in the call option indicates a positive move ahead. PCR stands at 12200 validate it as a strong immediate support level.
Price consolidates in a very narrow range of 45 points throughout the trading session.
Now, what to expect???🤔
Support at 12300 and resistance at 12370
If Index trades above 12370 a rally for 12410-12450 would be expected, Unfortunate move below 12300 may slip price further for downside support of 12260-12220
Traders can buy Nifty future above 12370 with stop loss below 12320 on a closing basis for the upside target of 12410-12450
Fresh Selling will do on a close below 12300 levels only
Maximum Call stands at 32500(on contract wise ) and Put at 32000(on contract as well as valuation wise) strikes indicate immediate supports and resistance level for the index. Writing in Call and Put option indicates an undecisive move ahead.PCR stand at 32000 validate as a support level.
Bank Nifty underperformed as compared to Nifty.
Close below 32000 will take it to 31800---31500 else it could test its resistance level of 32500---32800 again.
Support at 32000 and resistance at 32350
Buy above 32350 will take it to 32500---32650 else it could test its support level of 32000 again
Fresh Selling will do on a close below 32000 levels only
Sector to perform today: Nifty FMCG
Nifty FMCG gives a sharp upside breakout on the chart. Today we have seen a closing above 30600, now we will expect a sharp upside move till 31000 and then to 31300 in days to come. Support around 30200, break and close below 30200 will see any sharp downside move in this sector.
Stock like Britannia, Hindustan Unilever and Marico looks bullish on the charts and expect a sharp upside move in the coming days. Traders can go long on any dip in these stocks for the day.
Stock looks positive on the chart. grab it around 252 levels.
We will expect more upside movement till 270 +++ levels in the coming days.
Support and stop-loss below 242 levels on a closing basis.
Stock gives a trend line breakout and looks bullish on the chart.
catch it around 338, we will see upside rally till 360+++ levels in days to come.
support and stop-loss below 320 levels on a closing basis.
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