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Home » Nifty closed above 8300 on the expectation of stimulus package soon | Read today’s Nifty & Bank Nifty levels
Indian Stock Market
Morning Nifty Update

Nifty closed above 8300 on the expectation of stimulus package soon | Read today’s Nifty & Bank Nifty levels

26th March 2020

 

Indian stock market closed in green with a strong rally continues for the second consecutive day after the 21 days country lock-down announcement. The BSE Sensex ended with a gain of 7 percent to close at 28,535. 27. The NSE Nifty 50 index too jump 6.62 percent to end at 8,317. 38. In Nifty 38 out of the 50 stocks ended with gains while in Sensex 27 out of the 30 stocks of the index ended with gains.

Market breadth was in favor of buyers. Around 1194 shares have advanced, 976 shares declined, and 153 shares are unchanged. All sectoral indices ended the day with gains, led by the Nifty Bank which witnessed its biggest one-day gain on Wednesday trading session.

Technical Levels of Nifty And Bank Nifty

 

Nifty

Nifty continued its rally for the second consecutive day and formed a bullish “Morning Star” pattern on the daily chart.

Technically, this is a sign of bottoming out in the immediate term, if the price holds its lower level well.

Now, what next?

Nifty Chart
Nifty Chart

 

Support for Nifty is at 7700 and Resistance is at 8500.

Buy in the dip above 8000 would be a good strategy in Index trading.

According to Open Interest Data, the Maximum Call open interest stand at 9000 and Put at 7500 followed by 8000 suggests a broad trading range for the index. Valuation wise maximum Put stands at 8500 indicates a crucial level for index, PCR stand at 7800 validate it as a strong support level. Writing in put option and minor long buildup in call option indicate sideways to green move ahead

Nifty (future) strategy for the day

In our yesterday update, we clearly mentioned that if Nifty holds 7500 levels then we may see a bounce back in it. Yesterday Nifty successfully manages to hold 7500 levels on charts and took reversal from lower levels.
For today Support is at 7700 and Resistance at 8500.
Buy around 8000- 8200 levels with a stop loss of 7700.
Close above 8500 will invite a good short covering for the target of 8700-9000.

Bank Nifty

On the other hand, Bank Nifty has support near 17000 zone and resistance at 18700, any break above 18700 can extend rally to 19500-20500

Bank Nifty Chart
Bank Nifty Chart


Bank Nifty (future) strategy for the day

Support at 17000 and Resistance at 18700.

Buy around 18000, with a stop loss of 17000 for the target of 19500-20500.


Indian Stock Market

 

Top Stocks to look for today’s trading setup.

 

HDFC LIFE (Future)

 

HDFC Life

HDFC Life Technical Chart

The stock took a sharp reversal from the lower levels and looks bullish on the chart. We expect an upside movement in this stock.

Traders can buy above 445 with a stop loss below 420 on a closing basis for an upside target of 480 +++ levels in days to come.

 

MINDTREE (Future)

 

Mind Tree Chart

Mind Tree Technical Chart

Currently, the stock is consolidating on the bottom of the chart and we will expect an upside breakout above 850 levels for a sharp upside rally.
Traders can buy above 850 with a stop loss below 820 on a closing basis for an upside target of 900 levels in the coming days.

 

 

VENKEYS (Cash)

Venkeys

Venkeys Technical Chart

 The stock formed a bullish candle on the daily chart on the lower levels. We will expect a sharp reversal from these levels in this stock.

Traders can do buying above 700 levels for the sharp upside move to 750 levels and then to 780 levels in days to come. Support and stop loss remains at 650.

 

More will update soon about Index and Top stocks during market hours on WhatsApp broadcast and on our Telegram Channel.

 


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