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