Benchmark Index Nifty fizzled out from the day’s high and ended marginally lower by around seven points. Bulls still hold hope, above 15055 mark. Technically, above 15055, index has a trading range from 15055 to 15270-15300. On the other side, Bank Nifty needs to surpass 36600 on closing base for the fresh upside rally.
Dalal Street Summary
Nifty lost its last six days’ winning streak after giving a marginally lower close at 15107. Except Banking and Energy all segment worst hit by last hour fall.
The 30-share BSE Sensex closed at 51328.08 down by 19.69 points, or 0.038%, over the previous day. The Nifty ended marginally lower by 8.80 points or 0.06% to close at 15107. Bank Nifty held 36000 marks and closed at 36006.75. Indian Volatility Index surged 1.14% percent to close at 24.23. Market breadth ended in favor of bears. Around 795 stocks on the NSE closed with gains, while 1088 stocks ended with a loss, and 82 shares are unchanged.
Technical View on Benchmark Index
Bear halt the bulls rally and force index price to lost their first-half gain. Now, the technically immediate support zone is around 15000, fresh selling would be seen close below 15000, 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 15000. 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 15500 followed by 15200 and the maximum put at 15000 indicates a narrow range of trading in the upcoming session.
Valuation wise maximum Call & Put stand at 15100 is a crucial level for the index. PCR maintained its support to 15000 levels.
Nifty Futures strategy for the day
Resistance comes at 15300 and Support lays down at 15055.
Strategy – Buy above 15155 for the target of 15240-15290 OR Sell below 15066 for the target of 15000-14977.
Bank Nifty has given a close above 36000 to close in green. Price formed a DOJI formation for a straight third day. 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 35500.
Either side of the breakout will give the next 500-800 points in the respective direction.
Today’s Top Recommendation (10th Feb 2021)
Stock formed a bearish candle on the daily chart. Traders can do selling around 1745-1750 for the downside target of 1700 and then to 1680 levels in intraday session.
Hurdle and stop-loss above 1800.
BAJAJ AUTO (FUTURES)
Bajaj Auto, stock looks slightly weak on the daily chart and ready to break its near support level. Traders can short below 4160 for the downside move till 4050 and then to 4000 levels in days to come.
Hurdle and stop-loss above 4260.
Traders can trade safely in benchmark index and stock recommendations with levels only. More will update during market hours on our Telegram Channel and WhatsApp broadcast. To join our whatsapp broadcast list click on banner given below.
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