Our Cash Segment April month profit (till date) has crossed 70%++. Calculation done as per the first target basis. Package price only Rs 7,000 + GST per month. Hurry! Subscribe it today and get profitable research calls. For more details call your RM or Call us on +91-7065111166.
Home » Equity Market closed in red | Nifty plunged 800 points | Read our today’s Nifty & Bank Nifty update
Morning Nifty Update

Equity Market closed in red | Nifty plunged 800 points | Read our today’s Nifty & Bank Nifty update

Nifty and Bank Nifty Update

17th March 2020

 

Bloodbath continues in the Indian equity market. Today Nifty plunged by more than 800 points while Bank Nifty at one point of time was down by 2100 points. Read our today’s update on Nifty and Bank Nifty.

 

Nifty & Bank nifty plunged over 7%, S&P BSE Sensex fell by 2700 points. Indian stock market ended lower after a weak clue from Asia and European markets with a highly volatile session due to rising cases of coronavirus in India as well as globally. The BSE Sensex fell 7.96 percent to close at 31,390. The NSE Nifty 50 Index fell 7.6 percent to close at 9,197. All of the 30 shares in BSE Sensex ended with losses, with 24 of them ending at a 52-week low.

The market was in favor of sellers. Around 430 shares have advanced, 1987 shares declined, and 152 shares are unchanged. All sectoral indices ended with losses, led by the Metals index that closed with a loss of 8.9 percent. Nifty Bank, Nifty I.T. & Nifty Realty was the other indices that ended with a fall of 8 percent or more on the Monday trading session.


Technical View of Nifty & Banknifty:

Yesterday we have witnessed, another blood bath in the Indian stock market followed by global trends.
Technically, Nifty has been trading in the bear zone. Any high would be a selling opportunity for index below 9600. According to Open Interest Data, Maximum Call open interest stand at 10000 and Put at 8100 suggests us a broad trading range for the index. Valuation wise maximum Call & Put stands at 9500-9000 respectively indicates a crucial level for index, PCR stand at 9200 validate it as a strong support level. Writing in call and long buildup in put option indicates weak move ahead
So, traders can try to get an opportunity to sell Nifty future on the rise around 9300 with stop loss above 9600 for the downside band of the range.

Nifty Chart
Nifty Chart

 

Nifty future strategy for the day

Support 9000 and resistance at 9550

Trading below 9000 will take it to 8800-8500, else it may test it’s resistance level again. A sharp recovery is likely to happen on a sustained above 9600 only.

 

Bank Nifty 


Bank Nifty too has support at 22900 and resistance at 23800. Break and close below 22900 will see more downside panic till 21000-19000 levels in days to come else it could test its resistance level of 24000 again.

Bank Nifty chart
Bank Nifty chart

Bank Nifty future strategy for the day

Support 22700 and resistance at 24000

Trading below 22700 may drag the price for 21000 on the downside, else it may test its resistance level again.

 

oi chart
oi chart

Concentrate on below stock levels …

 

PEL FUTURE

 

PEL
PEL

 

PEL Chart
PEL Chart

Stock is trading in a negative trend and looks weaker on the chart. We will expect more downside movement in it.
Traders can sell around 900 levels with a stop loss above 960 levels on a closing basis for the target of 800 levels in days to come.

 


UPL FUTURE

 

UPL
UPL

 

UPL Chart
UPL Chart

After a range-bound trading stock gives a sharp downside breakout and looks more panic below 368 levels on the chart. Technically we will expect a downside rally in this stock.
Traders can sell below 368 levels with a stop loss above 395 levels on a closing basis for the target of 330 levels in the coming days.

——————————————————————————————————————————————————————————-

 

Our Recommendations

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp