Dalal Street witnessed profit booking from upper levels. Still, Nifty 50 managed to hold its critical support of 15250. Now technically, any fresh holding above 15350 will give a chance to ride for 15510–15700. On the flip side, any trading above 37400 will lead to 37700-38300 in Bank Nifty.
Dalal Street Summary
Market witnessed profit booking from the day’s high. Metals stocks on record highs on Tuesday. All-metal stocks recorded on the Nifty Metal index were trading on a bullish note. IT stocks were under pressure again for the straight second day. TCS and Wipro were trading marginally lower. PSU Bank stocks were in the fast lane as investors were optimistic on a buzz that government plans for privatization of mid-sized banks to drive revenues. State-run banks witnessed stellar buying sentiments.
Nifty FMCG stocks were trading lower, Nestle India was struggling ahead of the quarterly earnings announcement. Heavyweights HUL, Dabur, Britannia, and Marico were also trading in the red. Nifty Pharma stocks remained steady amid volatile trade. Biocon and Lupin led the gains to support the index. Led by volatile markets, realty stocks also faced the burnt of bears.
The 30-share BSE Sensex closed at 52104.17 down around 178.65 points, or -0.48%, over the previous day. The Nifty ended up around 3.30 points or 0.02% to close at 15318.00. Bank Nifty closed at 37127.60, closed with a loss of 37127.60 points. Indian Volatility Index surged 0.78 percent to close at 21.64. Market breadth ended in favor of bears. Around 1056 stocks on the NSE closed with a loss, while 829 stocks ended with a loss, and 348 shares are unchanged.
Technical View of Dalal Street
After a volatile session nifty ended flat at 15318. Despite a hefty profit booking in the index, the market holds its critical support of 15240-15270 on a close base. Technically fresh breakout above 15350 will allow riding for 15510 levels, fresh selling would be seen close below 15200, above 15320 prices may test 15510-15730 on the upwards.
Nifty Trend – As per technical, resistance laid down at 15340 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 15400 followed by 15500 & 15300 and the maximum put at 15300 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 15340 and Support lays down at 15240.
Strategy – Buy around 15300 for the target of 15380-15440.
Bank Nifty witnessed a profit booking from higher levels. Price fizzled out from the high of 37708 marks and tested its immediate support of 36700(Marked a low of 36762.75). Technically, the Above 36700 price is likely to continue its rally for 37700-38600 levels on the upside, else may test 36400-35500 on the downside.
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 37300 and Support at 36700.
Strategy – Buy above 37300 for the target of 37700–38000.
Traders can trade safely with levels only. More will update during market hours.
Top Stock Recommendations for Today (17th Feb 2021)
Catch this counter above 160. The stock formed a bullish pattern and ready for the fresh breakout. Above 160 it will test 170 and then to 175 in upcoming days.
Support and stop loss below 150.
Sun Pharma, stock has formed a bullish candle on the daily chart. Traders can do buying above 635 for the sharp upside move till 645 and then to 650 levels in days to come.
Support and stop-loss remain at 620 on a closing basis.
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