The benchmark indices ended with a record high and stocks edged higher during the last trading hour on Tuesday. During the market hour, the Ministry of Commerce and Industry has released wholesale price index inflation data that stood at 2.59 percent in December against 0.58 percent in the previous month. The S&P BSE Sensex rose 0.22 percent to close at a new high at 41,952.63 and the NSE Nifty rose 0.27 percent to end at an all-time high at 12,362.30. The broader markets represented by the NSE Nifty 500 Index rose 0.33 percent.
The market breadth was tilted in favour of buyers. About 1,048 stocks advanced and 743 shares declined on National Stock Exchange. Seven out of 11 sectors compiled by NSE ended higher, led by the NSE Nifty Media Index gain by 2.3 percent. On the other side, the NSE Nifty Private Bank Index was the top sector to lose by 0.5 percent.
According to Open Interest Data, aximum Call open interest stand at 12400 ( 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 et. Writing input buildup in call option indicates a positive move ahead. PCR stands at 12300 validate it as a strong immediate support level.
After consolidation at higher range throughout the day, Price has given an upside breakout in last trading hour and finally managed to closed at 12394 with 31.85 points gain
Now, what to expect???🤔
Support at 12300 and resistance at 12400
If Index trades above 12400 a rally for 12440-12480 would be expected, Unfortunate move below 12300 may slip price further for downside support of 12260-12240
Traders can buy Nifty future above 12400 with stop loss below 12360 on a closing basis for the upside target of 12440-12480
Fresh Selling will do on a close below 12300 levels only
Maximum Call stand at 32500(on contract wise ) and Put at 32000(on contract as well as valuation wise) strikes indicates immediate supports and resistance level for index. Writing in Call and Put option indicates an undecisive move ahead.PCR stands at 32000 validate as a support level.
Bank Nifty continued to trading in narrow range of 32000 on downside and 32350 on upside
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
Nifty Media is ready for an upside breakout
As expected, hope you enjoy the rally in Nifty FMCG in today's trading session. Now Nifty Media is going to take a breakout. Today we have seen a sharp upside rally in this sector, now we will expect a sharp upside above 1840. Support around 1750, break and close below 1750 will see any sharp downside move in this sector.
Stock like DB Corp and Suntv 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.
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