Another flat session witnessed on Dalal Street amid higher volatility. Our technical levels are the same as yesterday. Bulls still hold hope above 15055 marks. Technically, above the 15055 mark index has a trading range for the level of 15270-15300 on the upside. On the other side, Bank Nifty needs to surpass 36600 on closing basis for the fresh upside rally.
Dalal Street Summary
Dalal Street witnessed a high volatility session and closed flat. Banking stocks extended losses, heavyweights private banks were in a huge sell-off on Wednesday’s trading session. The sector witnessed profit booking amid volatile markets. IT Stocks escaped volatile markets. Nifty IT was among gainers that shrugged of the downside of benchmark index Nifty 50. Nifty Auto spurred by 1% higher backed by Motherson Sumi that marked a fresh 52-week high.
Metal stocks were under selling bias as investors booked profit heavily. Heavyweights dragged the Nifty Metal index.
The 30-share BSE Sensex closed at 51309.39 down around 19.69 points, or -0.04%, over the previous day. Nifty 50 ended down around 2.80 points or -0.02% to close at 15106.50. Bank Nifty closed at 35783.10. closed with a loss of 273.40 points.
Indian Volatility Index plunged 1.31% percent to close at 23.95. Market breadth ended in favor of bears. Around 919 stocks on the NSE closed with gains, while 971 stocks ended with a loss, and 343 shares are unchanged.
Technical View on Nifty and Bank Nifty
Despite a volatile session, Price managed close above 15000 for a consecutive third session. Now, the technically immediate support zone is around 14980, fresh selling would be seen close below 14980, Above 15000 price may trade range-bound for the upside levels of 15300.
Nifty Trend – As per technical, resistance laid down at 15300 and support around 15480. Every low is a buying opportunity around 15088 for the upside target of 15300.
According to Open Interest Data, the Maximum Call open interest stand at 15200 followed by 15300 and the maximum put at 14800 indicates a narrow range of trading in the upcoming session.
Valuation wise maximum Call & Put stand at 15200 & 15100 is a crucial range for the index. PCR maintained its support to 15000 levels.
Nifty Futures strategy for the day
Resistance comes at 15200 and Support lays down at 14980.
Strategy – Buy around 15150 for the target of 15270-15300.
Bank Nifty price has given a third consecutively range-bound session. Price formed a consecutively fourth Doji formation for the straight fourth day. Price needs a breakout to either direction of the prevailing range from 35450 on the downside to 36600 on the upside. Technically, fresh buying would be seen only close above 36600, else may test 35500 on the downside.
Bank Nifty Trend – Technically, immediate resistance comes at 36600 marks. Above 36600 it may rally for 39100, else may test 35500-34500 on the downside.
Nifty Bank Futures strategy for the day
Resistance at 36600 and Support at 35450.
Either side of the breakout will give the next 500-800 points in the respective direction.
Today’s Top Recommendation (11th Feb 2021)
The stock formed a bullish pattern on the daily chart. Traders can buy this scrip above 1550 for a sharp upside move till 1670 and then to 1700 levels in days to come.
Support and stop loss below 1460 levels.
BAJAJ FINANCE (Future)
Bajaj Finance stock has formed an Inside Day candle on the daily chart. Traders are advised to do buying around 5475 for the upside target of 5525 and then to 5550 in the days to come.
Support and stop-loss remain at 5400.
Traders can trade safely in Nifty, Bank Nifty and Stock recommendations with levels only. To get real time Dalal Street updates and news join our free WhatsApp broadcast list (Click on the banner given below).
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