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Home » Higher Volatile market| Nifty ended flat with higher VIX 31.5 | Nifty & Bank Nifty levels update
Morning Nifty Update

Higher Volatile market| Nifty ended flat with higher VIX 31.5 | Nifty & Bank Nifty levels update

Nifty & Bank Nifty Levels update`
Nifty & Bank Nifty Levels update

12th March 2020

Nifty & Bank Nifty Levels update

Indian Nifty & Bank Nifty Levels Updates stock market broke the last couple of days losing streak and ended flat on the previous trading session. We have marked a higher VIX at 33.24. The BSE Sensex was up by 62.45 points to close at 35697.40 and NSE Nifty was up by 6.90 points to close at 10,458.40 levels. During the trading session, the Sensex swung from a fall of as much as 1.05 percent and rose to1.08 percent, while the Nifty 50 swung from a fall of as much as 1.12 percent and rose to 0.9 percent in the highly volatile session.

 Market breadth was in favor of the seller. Around 1022 shares have advanced, 1414 shares declined, and 165 shares are unchanged. Four Out of eleven sectors ended higher led by the Nifty Media index top sector to gain by 2%. On the other side, the Nifty PSU Banks index fell by 3.1% on the Wednesday trading session.


Technical view

Nifty Future

 

nifty chart
nifty chart

Nifty has been trading in an Ascending triangle(Bullish pattern) from the bottom. Technically it is a rebounding sign in an index. The index has a trading range of 10250-10520. Any trading above 10520 may lead a rally for 150-250 points in upside or else it may test its immediate swing bottom of 10300-10250.

Major level to watch 200 DMA laid down at 10370. The technical pattern Gives a bearish bias on the chart. According to Open Interest Data,Maximum Call open interest stand at 10700 followed by 10600 and put 10000 followed by 10400 suggests a broad trading range for the index. Valuation wise maximum Call & Put stands at 10500 indicates a crucial level for index, PCR stand at 10400 validate it as a strong support level.

 Strategy for the day
(Future Level)
Support 10370, Resistance 10520
Trading below 10370 may give a slid for 10150-10050, else it may test its resistance level.

Bank Nifty Future

 

bank nifty chart
Bank Nifty has been trading in pennant (consolidation/Continuation pattern) from the bottom According to Open Interest Data, Maximum Call open interest stand at 27000 followed by 27500 and put 26000 followed by 25000 suggests us a broad trading range for the index. Valuation wise maximum Call & Put stands at 26500 indicates a crucial level for index, PCR stand at 26000 validate it as a strong support level.


Strategy for the day

(Future Level)

Support 25900, Resistance 26800

Trading below 26800 may drag the price for 26400-25900 on the downside, else it may test its resistance level.

The market has been trading with higher volatility.
Amid higher volatility in national and international markets and weekly expiry ahead, Initiate positions as per levels only.


Concentrate on today’s key stocks …

BPCL FUTURE
BPCL
BPCL

 

BPCL chart

Stock is trading in consolidation and looks weak below 392 levels on the chart. We will expect more downside movement in it.

Traders can sell below 392 levels with a stop loss above 408 levels on a closing basis for the target of 375—370 levels in days to come.

 

ESCORTS FUTURE
ESCORT
ESCORT

 

ESCORTS CHART
ESCORTS CHART

Stock is trading in a negative trend and looks weak on the chart. Technically we will expect a downside rally in this stock.
Traders can sell around 762 levels with a stop loss above 780 levels on a closing basis for the target of 720 levels in the coming days.

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