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Home » Continuous seventh day of Bull move. Benchmark Index closed at a record high level. Now, what to expect on weekly expiry day?
Morning Nifty Update

Continuous seventh day of Bull move. Benchmark Index closed at a record high level. Now, what to expect on weekly expiry day?

Index Nifty and Bank Nifty Bull run

 

 

Bulls again showed their strength and opened the index on a new high. Despite a range-bound session index got success to close on a new record high. Technically, in Nifty 50 now 12770 is crucial, above 12770 marks index may rally for 13000, else may test 12520-12450 on the downside.

 

Dalal street witnessed another record high. Indian indices continued their rally in Wednesday’s session. Price continued their “Buying in Dip” strategy, and recoiled smartly from the day’s low of 12572 and settle on a fresh record high at 12749.2. For the straight seventh-day benchmarks index ended higher. Nifty closed with an addition of approx 1 percent and Bank Nifty at 28845 with 239 points gain. Pharma and Metal stocks led the rally yesterday backed by IT, Auto, financial services.

The BSE Sensex ended 0.73% higher at 43593.67 marks. India Volatility Index surged by 2 % to end at 22.03. Market breadth was in favor of buyers. Around 882 stocks on the NSE ended with losses while 987 stocks managed to gain.

On the sectoral front, Except NIFTY MEDIA and PSU BANK, all sectors were green.

 

Technical View on Index


Index – Nifty

 

Index price again witnessed a record high. Nifty ended at 12749.10 with an addition of 118.05 points. . Technically 12770 is crucial, above 12770 marks index may rally for 13000, else may test 12520-12450 on the downside. Consecutive second-day recovery in India VIX gives a cautious view at the upper level. Still, awesome buying by FII gave strength to bull view.

According to open interest data, the maximum call open interest stand at 13000 and the maximum put at 12000 indicates a broad range of trading in the upcoming session.

Valuation-wise maximum Call & Put stand at 12700 indicates a crucial level for the index. PCR shifted its support to 12700 levels. Build up in calls and writing in put option gives a bull bias in the market.

Nifty futures strategy for the day

Technical Chart of Index Nifty
Technical Chart of Nifty

Resistance comes at 12770 and Support lays down at 12570.

Strategy – Buy above 12770, for the target of 12850-12910 OR Fresh sell would be seen only close below 12570.

 

Bank Nifty

Bank Nifty continued its up move and tested 29000 on an intraday basis. Index price settled at 28845 with a gain of 0.84 percent. Now, the next support lays down at 28150-and resistance comes at 29150. Above 28200, the market may test 29150-29800 else may test support level.

Nifty Bank futures strategy for the day

Technical Chart of Index Bank Nifty
Technical Chart of Bank Nifty

 

Resistance at 29150 and Support at 28150.

Strategy – Buy above 29150, for the target of 29800 OR Fresh sell would be seen only close below 28150.

 

Open Interest Data
Open Interest Data

 

 

Top Stocks Recommendations for Today (12th Nov 2020)

 

LAURUSLABS (Cash)

LAURUSLABS

Technical Chart of LAURUSLABS
Technical Chart of LAURUSLABS

 

The stock has given a sharp reversal from lower levels on the daily chart. Traders can do buying around 270 for a sharp upside move till 290 and then to 300 levels in days to come.

Support and stop-loss remain at 250 on a closing basis.

 

 

IOC (Futures)

IOC

Technical Chart of IOC
Technical Chart of IOC

 

The stock price continued its rally and surpassed immediate resistance of 85 on a closing basis.

Technically above 85, the stock may rally for 95.
Traders may hold a long position with a stop loss of 80.

 

Traders can trade safely in the index and given stock recommendations with levels only. More will update during market hours. Keep following our blog.

 

 

 

We have just published our fresh chart ideas on Infosys, PNB Futures and Delta Corp.

Click on respective stock names and read detailed rational behind Buy/Sell, Entry levels, Stop Loss and Targets.

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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Stock Portfolio For 2021

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