Indian stock market ended lower but recovered from the day’s low in the volatile trade on the previous trading session. The BSE Sensex fell 0.55 percent to end at 38,409.48. The NSE Nifty 50 fell 0.45 percent to close at 11,252.20. The broader markets represented by the NSE Nifty Update 500 Index ended 0.7 percent lower after falling as much as 2.13 percent earlier.
Today Nifty and bank nifty update. The market breadth was in favor of sellers. Around 694 shares have advanced, 1673 shares declined, and 129 shares are unchanged. Nine out of 11 sectors including NSE ended lower, led by the NSE Nifty Private Bank Index’s 1.8 percent fall. On the other side, the NSE Nifty Pharma Index was the top sector to gain by 2.1 percent on the Wednesday trading session.
Today Nifty and bank nifty update continued its volatile move and failed to hold its morning gain. Bear remained active throughout the day. Nifty traded in red and marked a low of 11084. Amid the volatile session, Bull showed a recovery from lower levels and wipe out all disappointment and help to hold the hope of buy.
Today was the very volatile day, nifty traded in 274 points range and finally closed at 11251. Nifty gave a follow up to its last day up move and settled at higher on EOD basis. The most performing sector was IT and pharma on the news of rate cut in the global market and uneasiness of coronavirus respectively.
Nifty traded as per expectation, Recovered from the low of 11082.15 and settled at 11251. Price formed a hammer from the bottom.
Our down trend view is on pause for the upcoming one and two trading sessions. We are expecting a volatile session ahead, Closing above 11350 may invite a short-covering trade.
According to Open Interest Data, Maximum Call open interest stand at 11500 followed by 11400 and put 11000 followed by 11200 suggests us resistance and support for the index. Valuation wise maximum Call & Put stands at 11200 indicates a crucial level for the day, PCR stand at 11100 validate it as a strong support level. Scattered data between 11000 to 11500 suggest volatile session ahead. Our bullish view would negate after trading below 11000
Strategy for the day
Support 11000, Resistance 11350
Trading above 11350 may give a pullback for 11450-11550, else it may test its support level
Unfortunate trading below 10970 will slip price for the target of 10650 on the downside
Nifty expiry is likely to be above 11100.
Today Banknifty underperformed than Nifty. We have seen, Bear remained dominant in the market and slid the price for day low at 28125.15 without facing any halt.
According to Open Interest Data, Maximum Call open interest stand at 29500 followed by 29000 and put 28000 followed by 28500 suggests a broad trading range of 1500 points for the day. Valuation wise maximum Call & Put stands at 29000 and 28500 respectively indicates a crucial level for index, PCR stand at 28500 validate it as a strong support level. Scattered data between 28000-29500 suggest a volatile session for the financial benchmark index.
Technically Banknifty has an immediate resistance at 28700-29100 and support at 28100-27800 zone.
Bank Nifty weekly expiry is likely to be below 29000.
Support 28100, Resistance 29000
Trading below 29000 may drag price for 28500 on the downside, else it may test its resistance level
A sharp bounce expected in Nifty IT
Nifty IT has shown positive strength in the negative market and we will expect a sharp bounce for coming trading session. It took support at 15000 and we will expect a bounce back from this level. Hurdle around 15600, a weekly close above 15600 will take it to 16400 and then to 16800 levels in days to come. Support around 15000, break and close below 15000 will see any sharp downside move in this sector.
Stock like Wipro and TCS looks positive on the charts and expect an upside move in the coming days. Traders can go long on any dip in these stocks for the day
Stock looks positive and try to take reversal from lower levels on the daily chart. Traders can do buying around 170 for the upside move till 182 and then to 185 levels in days to come. Support and stop-loss at 159 on a closing basis.
After a small correction stock has taken sharp reversal on the chart from lower levels and looks positive on the chart. We will expect more upside movement in this stock.
Traders can buy around 1565 with a stop loss below 1530 levels for the upside target of 1620 +++ levels in days to come.
Stock has shown a positive reversal on the chart after a long fall in the metal sector and looks more attractive above the 163.50 levels. Technically we will expect an upside rally in it.
Traders can buy above 163.50 with a stop loss below 157 levels for an upside target of 172—175 levels in the coming days.