Bank Nifty outburst on the upside and ended approx. 1300 points higher. Nifty gave a steady growth and surpassed its immediate hurdle of 15320. Now technically, Nifty is now moving towards to achieve 15510 and Bank Nifty for 39000 mark.
Banking stocks propelled Indian Benchmarks to new record highs during Monday’s trading session as investors tapped heavyweights stocks. Nifty Bank marked a new record high, and all stocks listed on the index traded higher. Heavyweight stocks such as Axis Bank, ICICI Bank, and Kotak Bank lifted the performance, SBI and HDFC Bank climbed by almost 1.5% each. IT sectoral indices were broadly under pressure on Monday’s trading session defying overall markets record-high rallies. Heavyweights TCS was the top laggard of the sector. Realty stocks were in the fast lane amid corporate earnings. Investors were upbeat as corporate earnings remain in focus. FMCG stocks held steady on Monday’s trading session, However, the rally in the sector was at a slower pace against the benchmarks Sensex and Nifty record -high rally.
The 30-share BSE Sensex closed at 52154.13 up around 609.83 points, or 1.00%, over the previous day. The Nifty ended up around 151.40 points or 1.00% to close at 15314.70. Bank Nifty closed at 37306.30, closed with a profit of 1197.40 points. Indian Volatility Index plunged 2.47 percent to close at 21.50. Market breadth ended in favor of bulls. Around 1074 stocks on the NSE closed with a loss, while 845 stocks ended with a loss, and 334 shares are unchanged.
Technical View of Nifty & Bank Nifty
Nifty 50 showed steady growth and ended 1 percent higher at 15314.70. Index price has resumed uptrend with a breakout of the weeklong consolidating phase. Now, technically immediate support zone is around 15200. Fresh selling would be seen on close below 15200. Above 15320 price may test 15510–15730 on the upside.
Nifty Trend – As per technical, resistance laid down at 15320 and support around 15100. Every low is a buying opportunity around 15300 for the upside target of 15510.
According to Open Interest Data, the Maximum Call open interest stand at 15500 followed by 15600 & 15700 and the maximum put at 15200 followed by 15000 indicates a narrow range of trading in the upcoming session.
Valuation wise maximum Call & Put stand at 15300 is a crucial range for the index. PCR maintained its support to 15200 levels.
Nifty Futures strategy for the day
Resistance comes at 15510 and Support lays down at 15300.
Strategy – Buy around 15320 for the target of 15420-15470.
Bank Nifty gave a robust start to the current week and settled 1298 points higher at 37306.30. Price breached its consolidating range of last week and hold positive momentum throughout the session. Technically, the Above 36700 price is likely to continue its rally for 37700-38600 levels on the upside.
Trend – Technically, immediate support comes at 36700 marks. Above 36700 it may rally for 39100, else may test 35500-34500 on the downside.
Nifty Bank Futures strategy for the day
Resistance at 37700 and Support at 36700.
Strategy – Buy around 37000 for the target of 37500-37700.
Traders can trade safely with levels only. More will update during market hours.
Top Stock Recommendations for Today (16th Feb 2021)
The stock has given a tremendous breakout of the major resistance on the daily chart with volume. We will expect a sharp upside move in the coming days. Traders can do buying around 235 for the upside target of 255 and then to 270 levels in days to come.
Support and stop-loss remain below 215 on a closing basis.
Mahindra & Mahindra, stock looks bullish on the daily chart and ready for another rally. Traders can buy above920 for the upside gain to 940 and then to 950 levels in days to come.
Support and stop loss remains at 900 on a closing basis.
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