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Home » Trade Setup for today – Key Support & Resistance levels of Nifty 50, Nifty Bank and Top Pick of the day.
Morning Nifty Update

Trade Setup for today – Key Support & Resistance levels of Nifty 50, Nifty Bank and Top Pick of the day.

Trade Setup for Nifty 50 today

 

In yesterday’s trading session Nifty 50 opened almost flat then it gained momentum and touch a high of 9177.80. But it couldn’t sustain at the upper levels. In the second half, Bulls lost control over the market and Nifty 50 fell sharply and made a low of 9078.60 from it’s top. After that, it closed marginally higher at 9106.

Nifty Bank too followed the same pattern, made a high of 18199.80 and took reversal from there and again closed below 18000 territory. In our yesterday blog update, we did mention that Nifty Bank has crucial resistance of 18200 and taken reversal from there only. Power of levels nothing else!

Now what next for today’s trading session??

Market Summary

Indian equity indices ended higher for the third straight day despite final hour profit booking erases some of the intraday gains on the weekly F&O expiry. The BSE Sensex ended 0.37 percent higher to close at 30,932 while the Nifty 50 index ended at 9,106 to up by 0.44 percent.

The market was in favor of buyers. Around 1302 shares have advanced, 908 shares declined, and 170 shares are unchanged. On the sectoral front, except Nifty Bank other indices ended in the green. Among the gainers, Nifty Auto and Nifty FMCG ended with gains of 2 percent while Nifty Media and Nifty Metal gained 1.5 percent each on the Thursday trading session.

 

Trade Setup for today

Nifty 50

Nifty 50 is now trendless. Price has been trading in a range of 8800 on the downside and 9150 on the upside. We need a strong close in either direction. As per fibo levels 

At present level index is having a good resistance level at 9150 levels while support comes at 8700 levels.

According to Open Interest Data, the Maximum Call open interest stand at 9500, and Put at 9000 suggests a broad trading range for the index.

Valuation wise maximum Call & Put stand at 9000 indicates a crucial level for the index. PCR stands at 8900 validate it as an immediate support level.

Nifty (future) strategy for the day

Trade Setup of Nifty 50 Today
Technical Chart of Nifty 50

 

Support lays down at 9000, while upside resistance comes at 9200.

Trading above 9200 may extend its rally to 9300, else may test 9050—9000 on the downside.

Below 9000 it may stretch for 8900—8850 on the downside

 

Nifty Bank

On the other hand, Nifty Bank stuck in a range of 17300 on the downside and 18200 on the upside. We need a breakout to trade further.

Trend- below 19000, we are in the bear zone and every high would be considered as a selling opportunity in it.

Nifty Bank (Future) strategy for the day

Trade Setup of Nifty Bank Today
Bank Nifty Technical chart

 

Support at 17300 and Resistance at 18200

Either side of the breakout will give 400—600 points move in the respective direction

Sell Bank Nifty future below 17500, price may test 17000—16800 levels on the downside. Maintain Stop loss at 18200.

Holding above 18200, it may test a stretch for 18500—18800.

 

Trade Setup for Today
Open Interest Data

 

 

Today’s Top Stock Recommendations (22nd May 2020)

 

AMARAJABAT (Future)

AMARAJABAT

Amara Raja Batteries Technical Chart
AMARAJABAT Technical Chart

 

Grab this counter above 600 as stock gives a sharp upside breakout on the chart.

Traders can buy it above 600 with a stop loss below 590 levels on a closing basis for an upside target of 615 +++ levels in days to come.

 

SUN PHARMA (Future)

Sun Pharma

Sun Pharma Technical Chart
Sun Pharma Technical Chart
 

The stock looks positive and ready for an upside movement. Catch it around 460 levels.
Traders can buy around 460 with a stop loss below 445 levels on a closing basis for an upside movement till 475 +++ levels in the coming days.

 

ABFRL (Cash)

ABFRL

ABFRL Technical chart
ABFRL Technical chart
 

Grab ABFRL around 110 as stock formed a bullish candle on the daily chart.

Traders can go for buy around 110 for the sharp upside move till 120 and then to 125 levels in days to come.

Support and stop loss below 102 on a closing basis.

 

ORIENTELEC (Cash)

ORIENTELEC

ORIENTELEC Technical chart
ORIENTELEC Technical chart

 

Catch this stock around 165 as it is taking sharp reversal from lower levels.

Traders can go for buying around 165 for the sharp upside move till 175 and then to 180 levels in days to come.

Support and stop loss below 155 on a closing basis.

 

Traders can trade safely with levels only on given trade setup for today. More will update during market hours.

Index

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