The index moved as per expectation still the Bulls missed their psychological level of 13000 again. Nifty 50 opened the week on a positive note and settled half a percent higher. Now, technically fresh buying would be seen only close above 13000 else it may test 12780 on the downside. FIIs continued their buying and investing 4738.44 crore which indicates every dip would be a buying opportunity.
Indian benchmark indices ended on a positive note on the first day of the week. Yesterday, Benchmark indices ended at 12926.45 after a gain of 0.52 percent, and the financial gave a sluggish to flat move. Bank Nifty lost 211 points and closed just above 29000. The BSE Sensex added 194.90 points and ended marginally higher at 44077.15 marks.
On the sectoral front, NIFTY IT, PHARMA, and ENERGY ended in green, and FINANCIAL STOCK witnessed a profit booking. India Volatility Index gained 6 % to end at 20.79. Market breadth was in favor of buyers. Around 625 stocks on the NSE ended with losses while 1225 stocks managed to gain.
Technical View of Nifty 50 and Bank Nifty
Despite a record high, the Nifty 50 price failed to cross 13000 on the upside. Price was consolidating throughout the day in a limited range. Technically fresh buying would be seen only above 13000 else may test 11780-11745 on the downside, below 12745 prices may extend its downfall to 12550-12450 levels.
According to Open Interest Data, the maximum call open interest stand at 13000 and the maximum put at 12800 indicates a narrow range of trading in the upcoming session.
Valuation wise maximum Call & Put stand at 12900 indicates a crucial range for the index. PCR shifted its support to 12800 levels. Writing in Put option & Short covering in calls options gives a positive bias.
Nifty Futures Strategy for the day
Resistance comes at 13000 and Support lays down at 12780.
Either side of the breakout will give nest 150-250 points in the respective direction.
Bank Nifty ended marginally lower by 0.72% at 29024.20. Banking and financial stocks remained sluggish for the day. Now, Technically, Bank nifty has a range of 1000 points from 28500 on the downside to 29500 on the upside. The index is likely to trade in a range due to a lack of events ahead.
Nifty Bank Futures Strategy for the day
Resistance at 29500 and Support at 28500.
Manage position in a range, Try to buy near support and sell around resistance with respective Stop loss. Breakout of Either side of the range will give the next 500-700 points.
Top Stocks Recommendations for Today (24th Nov 2020)
The stock has formed a sharp bullish candle on lower levels on the daily chart. Traders can do buying around 40.50 for sharp upside move till 44 and then to 46 levels in days to come.
Support and stop-loss remain at 37.50 on a closing basis.
TATA STEEL (Futures)
Stock Price has given a breakout above 542 on a closing basis. Technically we are expecting a continuation in trend for the target of 565 on the upside.
Traders may enter around 542 for the upside target.
Traders can trade safely in Nifty, Bank Nifty and Stocks recommendations with given levels only. More will update during market hours on our WhatsApp broadcast and Telegram channel.
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