Our Cash Segment, June 2020 profit exceded 100%++. 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 » Nifty along with all sectoral indices ended in green. Read today’s stock market technical levels update.
Morning Nifty Update

Nifty along with all sectoral indices ended in green. Read today’s stock market technical levels update.

Stock Market Traders

23rd April 2020

 

All sectoral indices on the stock market ended in green weighed down by reliance. Nifty gained 205 points and settled around 9200. 

Indian stock market ended higher due to the deal between Reliance and Facebook and Reliance Industries was the single biggest contributor to gains, contributing almost half of the upside seen in both benchmarks. The BSE Sensex ended 2.4 percent higher at 31,379 while the NSE Nifty 50 ended 2.3 percent higher and just below the 9,200 mark at 9,187 on the day just before weekly expiry.

The market breadth was in favor of buyers.

Around 966 ended the trading with gains while 813 ended with losses. On the sectoral front, all sectoral indices ended in the green with the Nifty Media Index was the top gainer, ending with gains of 6.6 percent. Nifty Auto and FMCG also ended with gains of over 2.5 percent on the Wednesday trading session.

 

Technical View for today.

Nifty

 

Nifty rose in the reflection of Reliance Jio’s deal with Facebook. Technically, it has strong support at 8930 levels while upside resistance comes at 9250.

According to Open Interest Data, the maximum Call open interest stand at 9500 and Put at 9000 followed by 8500 suggests a broad trading range for the index. Valuation wise maximum Call and Put stand at 9000 indicates a crucial level for the index. PCR stands at 9000 validate it as a strong support level. Long build up in call and writing input option indicate sideways to green move ahead.

Stock Market Nifty
Technical chart

 

Now, what next???

Nifty has strong support at 8940 levels while upside resistance comes at 9250.

It needs to breakdown to the above-mentioned support level for further downside, else it may continue its pull back move.

Nifty Future strategy for the day

Support 9000, Resistance 9250

Either side of the breakout will give 150—200 points in the respective direction.

 

Bank Nifty

 

On the other hand, Bank Nifty underperformed the benchmark indices today.

Stock Market Bank Nifty
Technical chart

 

Now, what next???

Technically, it seems that the Index may trade between the range of 17500 to 21500 unless and until we get either side breakout.

Bank Nifty Future strategy for the day

Support at 19000 and Resistance at 20000

Either side of the breakout will give 500—700 points in the respective direction.

 

Open Interest Data
Open Interest Data

 

Sector Update

 

Nifty Media again looks strong on the chart.

 

Stock Market
Technical chart

 

As expected Nifty Media performed well in the previous sessions. In the last trading session, Nifty Media closed above its hurdle level of 1120. Now a small hurdle around 1170, break and sustain above 1170 will continue its positive momentum till 1250 and then to 1300 levels in days to come. Support around 1040, break and close below 1040 will see a fresh negative move to 950 levels in this sector.

Stocks like ZEEL and TV18 again looks positive on the charts. Traders can do buying on the dips in these stocks for upcoming days.

 

Top Stock for today’s (23rd April 2020) trading session.

 

MUTHOOTFIN ( Future )

 

Muthootfin

Muthootfin Technical chart
Muthootfin Technical chart

 

Stock is trading in a positive trend and gives an upside breakout on the chart. We will expect an upside movement in it.

Traders can buy above 765 with a stop loss below 745 on a closing basis for an upside target of 800 +++ levels in days to come.

 

TORNTPHARMA ( Future )

TORNTPHARMA

TORNTPHARMA Technical chart
TORNTPHARMA Technical chart 

 

After a sharp upside rally, the stock has taken a small correction and now ready for a new upside rally on the chart. Currently, we will expect a fresh upside rally in this stock.

Traders can buy above 2472 with a stop loss below 2420 on a closing basis for an upside rally of 2550—2600 levels in the coming days.

 

GODFRYPHLP  (Cash)

GODFRYPHLP 

GODFRYPHLP Technical chart
GODFRYPHLP Technical chart

 

After a long correction on the daily chart, the stock is trying to take reversal and formed a bullish candle on the chart. Traders can do buying around 1000 for the fresh upside move till 1080 and then to 1120 levels in days to come. Support and stop loss below 925.

Today we can see some volatility in stock market due to index weekly expiry so trade safely with stop-loss.

Read our yesterday’s Nifty and Bank Nifty update, Click here!

 


Stock market telegram channel

 

3 Comments

Click here to post a comment

Our Recommendations

Get FREE Market Updates!

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