On the weekly expiry day, benchmark indices moved dramatically and ended one percent lower. Indian Volatility Index (VIX) heated up for 11.23%. Despite a green candle, price snipped its last three days’ winning move. Now, 15000 is a crucial support level in Nifty and 15450 is crucial resistance. Price is likely to trade in a range.
Dalal Street Market Summary
Dalal Street witnessed a higher volatile session on weekly option expiry. Metal stocks were among the top laggards on Nifty after nickel prices hit a 10-week low in London. At the domestic front, Nifty Metal underperformed other sectoral indices and exchanges with heavyweight stocks weighing down the performance. Auto stocks resisted to market rally as investors book profit. Nifty Auto dips near 1%, Maruti, Hero Moto Cop drags.
Banking stocks were on a hotbed, the sector continued to perform on a lower note and stayed as major draggers of benchmarks. Private bank stocks were the worst hit. Nifty Pharma index traded higher with Dr. Reddys followed by great support from Sun Pharma, Biocon, and Divis Lab.
The 30-share BSE Sensex closed at 50846.08 down around -598.57 points, or -1.16%, over the previous day. The Nifty ended down around 164.80 points or -1.08% to close at 15,080.80. Bank Nifty closed at 35802.50, closed with a loss of -565.60 points. Indian Volatility Index surged +9.33% percent to close at 24.15. Market breadth ended in favor of bulls. Around 862 stocks on the NSE closed with a loss, while 1022 stocks ended with gain, and 348 shares are unchanged.
Technical View on Nifty and Bank Nifty
Nifty 50 move dramatically on Thursday. Prices opened lower at 15026.75 and after testing an intraday high of 15202.35 ended almost 1% down at 15080.80. Despite a green candle, Price snipped its last three days’ winning move. Now, 15000 are a crucial support level and 15450 in crucial resistance. Price is likely to trade in a range.
Nifty Trend – As per technical, Nifty resistance laid down at 15450 and support around 15000. Above 15450, Nifty may test start a new rally for 15800-16300 on the upside. Below 15000 marks, the price may correct further to 14760–14640 on the downside.
According to Open Interest Data, the Maximum Call open interest stand at 15200 followed by 15500 and the maximum put at 15000 indicates a range of trading in the upcoming session. Valuation wise maximum Call & Put stand at 15200 & 15000 is a crucial level for the index. PCR shifted its support to 15000 levels.
Nifty Futures strategy for the day
Resistance comes at 15210 and Support lays down at 14980.
Strategy – Fresh sell below 14980 for the target of 14920-15850. Else it may test 15088 -15150 marks on the upside.
Bank Nifty gave a strong start and hold the momentum throughout the day. The index ended 2.61 percent higher at 36485. Technically, the rally is likely to continue above 35800 for the target of 37000. The fresh sell would be seen below 35800 for the target of 35000-34500.
Bank Nifty Trend – Technically, immediate support comes at 34500 marks. Above 35000 it may rally for 36600-37700, else may test 34000-33000 on the downside.
Nifty Bank Futures strategy for the day
Resistance at 36400 and Support at 35400
Strategy – Either buy around 35400 or above 36400 for the target of 36700-37000.
Top Stock Recommendations for Today (5th March 2021)
Cash Stock Update
On 3rd March 2020, we have recommended two stocks as IndHotel and Bluestar.
Indhotel initiated entry successfully and marked 129.8 as day’s high (Day’s target was 127-130). Hope you all enjoyed profit.
Bluestar, initiated entry successfully but missed its upside momentum and ended marginally higher at 920.80.
We closed both positions and suggest two other positions in Trident and ISEC for today’s trade . Please follow the stock as per level carefully
The stock price has been following a butterfly harmonic pattern suggests a target of 17-17.70
Trader may go long with a stop loss of 13.80 for 16.8-17.20 levels on the upside.
The stock price has been consolidating in a range of 414 on the upside to 400 on the downside. Fresh buying would be seen only trade and hold above 414 for next 10-18 points.
Trader may initiate long position above 414 marks fir 424-430 levels.
AMBUJA CEMENT (FUTURES)
The stock has given a fresh breakout on the daily chart and ready for a further upside move in the days to come. Traders are advised to do buying around 295 levels for the upside target of 310 and then to 315 levels in the days to come.
Support and stop-loss remain at 285 levels.
Traders can trade safely in Nifty, Bank Nifty and Top Stock Recommendations with levels only. Get real time FREE updates on Dalal Street right on your WhatsApp. Just click on the banner given below.
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