Bulls regain their control on the Dalal Street. After a technical glitch on the NSE, benchmark indexes gave bumper close. Now, Technically bulls likely to continue their rally in Nifty 50 for 15150–15450 level on the upside.
Dalal Street Summary
Market trading timing extended on the account of technical issues which halt the session. NSE opened at 3.30 pm again and closed at 5 pm. NSE halted trading due to technical glitch. Nifty and Sensex jumped & closed up by 2 percent each after trading resumed. Banking stocks traded on a massive bullish note during Wednesday’s session driving overall financial benchmark indices. The majority of the stocks listed on BSE Bankex were trading higher. Auto stocks index stood steady, amid positive benchmarks. BSE Oil & Gas index pared early gains, however, maintained upside.
BSE Power stocks were trading flat on Wednesday. The Index after getting a higher opening of 2,455.02 on Wednesday failed to add to early gains. NTPC and Power Grid dragged the sector most. IT stocks were top laggards of Wednesday’s trading session despite global tech stocks witnessing relaxation in their sell off. Nifty FMCG traded in selling bias on Wednesday, however, the downside was at a slower pace. The stock exchanges have extended their trading bell for today.
The 30-share BSE Sensex closed at 50781.69 up around 1030.28 points, or 2.07%, over the previous day. The Nifty ended up around 274 points or +1.86% to close at 14982.00. Bank Nifty closed at 36452.30, closed with a gain of 1335.35 points.
Indian Volatility Index plunged -4.20% percent to close at 24.17. Market breadth ended in favor of bulls. Around 600 stocks on the NSE closed with a loss, while 1227 stocks ended with a gain, and 411 shares are unchanged.
Technical View on Nifty 50 and Bank Nifty
Nifty 50 price ended higher by 1.86 % at 14982 after a six days losing streak. Technically above 14640, the index likely to continue its winning streak. Any dip around 14900–14850 would be buying opportunity for the upside targets of 15150-15250.
Nifty Trend – As per technical, resistance laid down at 15011 and support around 14640. Above 15010, it may test 15150–15450 on the upside below 14640 marks, the price may correct further to 14450 on the downside.
According to Open Interest Data, the Maximum Call open interest stand at 15000 followed by 15200 and the maximum put at 14700 followed by 14800 indicates a broad range of trading in the upcoming session.
Valuation wise maximum Call & Put stand at 15000 is a crucial level for the index. PCR maintained its support to 14800 levels.
Nifty futures strategy for the day
Resistance comes at 15011 and Support lays down at 14800.
Strategy – Fresh buy above 15011 for the target of 15150-15230.
Bank Nifty skyrocketed for the day. Bulls took control in their hand and gave a close at more than 1400 points higher. Technically, above 36000 prices is likely to continue its bull move for 37000 levels on the upside, else it may test 35700 on the downside. Fresh sell would be seen only close below 34950 marks.
Bank Nifty Trend – Technically, immediate support comes at 34900 marks. Above 34900 it may rally for 36600–37700, else it may test 34000 on the downside.
Nifty Bank Futures strategy for the day
Resistance at 36700 and Support at 35000.
Strategy – Fresh buy around 35800 for the target of 36700-36500.
Top Stock Recommendations for today (25th Feb 2021)
Aditya Birla Fashion & Retail Ltd. (ABFRL) stock has given a strong breakout of the major hurdle on the daily chart with volume. We will expect a sharp upside move in the coming days.
Traders can do buying around 177-175 for the upside target of 190 and then to 195 levels in days to come. Support and stop-loss remain below 166 on a closing basis.
AXIS BANK (FUTURES)
Axis Bank, has rebounded from major support levels, Traders are advised to go for buying around 740 levels for the upside target of 760 and then to 770 levels in the days to come.
Support and stop-loss remain at 720 levels.
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