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Home » Profit booking witnessed on record high levels. Bank Nifty on it’s way to 33300-33500. What to expect on weekly expiry day?
Morning Nifty Update

Profit booking witnessed on record high levels. Bank Nifty on it’s way to 33300-33500. What to expect on weekly expiry day?

Dalal Street Nifty and Bank Nifty

Yesterday, Bank Nifty was the most promising bet. Profit booking witnessed in Indian Indices from the record high are some highlights of Wednesday’s session. Yesterday, PSU Banks again outshined. Now we hold the same view as earlier, Banks Nifty aiming for 33300 and Nifty for the target of 14760.

 

Market Summary

 

Nifty PSU Banks and Auto stocks expanded their Tuesday’s gain. Nifty Auto has beaten the two benchmarks Sensex and Nifty as heavyweights stocks witness massive buying sentiments. We have witnessed mixed cues from Dalal Street.

Small-cap and Mid-cap ended in red while Media stocks recovered early losses. Except Pharma other indices ended in the green. The market neglected to show strength to remain above the level of 14600 and we saw profit booking in the market. Banking and Energy stocks are expected to outperform in the near term.

The 30-share BSE Sensex was down 24.79 points, or – 0.05%, to close at 49492.32. The Nifty ended slightly up around 1.40 points or 0.01% to close at 14564.90. Bank Nifty closed at 32574.70 closed with a gain of 235.70 points. Indian Volatility Index surged 1.95 percent to close at 23.29. Market breadth ended in favor of bears. Around 643 stocks on the NSE closed with a gain, while 1260 stocks ended with a loss, and 323 shares are unchanged.

 

Technical View on Nifty and Bank Nifty

 


Nifty

 

After a strong opening, the Index price witnessed a profit booking and dragged the price lower. Thanks to banking stocks which helped the indices to end flat. Nifty 50 ended at 14564.85 on a flat note. we are expecting a range-bound session between 14400-14700 with higher volatility on account of weekly option expiry.

Nifty Trend

As per technical, resistance laid down at 14700 and support around 13980. Every low is a buying opportunity around 14200 for an upside target of 14540-14700. Holding below 13980 may slide the price to 13800-13650 on the downside.

According to Open Interest Data, the Maximum Call open interest stand at 14600 followed by 14700 and the maximum put at 14500 followed by 14000 & 14400 indicates a broad range of trading in the upcoming session.

Valuation wise maximum Call & Put stand at 14500 indicates a crucial level for the index. PCR maintained its support to 14400 levels. Writing in both call & put options indicates an indecisive move ahead.


Nifty Futures strategy for the day

Technical Chart of Nifty
Technical Chart of Nifty



Resistance comes at 14760 and Support lays down at 14450.

Strategy – Buy in dip around 14540 for the target of 14650–14750.


Bank Nifty

 

After a sluggish start, Bank Nifty gave a vertical bounce from the day’s low. Index outperformed the benchmark indices and closed at 32574.65 with a gain of 235.65 points. Now, technically, the Index price has a target of 33300 on the upside.

Trend

Technically, above 31300, the price is heading towards 33300.

Bank Nifty Futures strategy for the day

Technical Chart of Bank Nifty
Technical Chart of Bank Nifty



Resistance at 32800 and Support at 32000.

Strategy – Buy around 32500, for the target of 32900-33300.

 

 

Open Interest Data. Bank Nifty
Open Interest Data

 

 

 

Top Stock Recommendation For Today (14th Jan 2021)

 

QUESS (Cash)

 

Profit Booking

 

Technical Chart of QUESS Profit Booking
Technical Chart of QUESS
 

Stock formed a bullish pattern and ready for a fresh bull run on the daily chart. We will expect a sharp upside move from the current levels. Traders can go long around 555-550 for the upside move till 580 and then to 600 levels in days to come.

Support and stop loss remains at 525 on a closing basis.

 

PNB (Futures)

 

Profit Booking

Technical Chart of PNB
Technical Chart of PNB
 

The stock has formed a rejection candle on the daily chart, showing a positive move towards the upside. Traders can do buying around 36.50 levels for the upside target of 39 and then to 40 levels in days to come.

Support and stop-loss remain at 35.



Traders can trade safely in Nifty, Bank Nifty and Recommended Stocks with levels only. More will update during market hours.

 

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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