Yesterday again range-bound trading we have seen in Indices but some stocks performed amazingly well like Tata power, Piind, etc. Auto stocks underperformed after auto vehicle numbers. Sales increased but not up to the mark. On the other hand, Bank Nifty is trading sideways but bias is negative. Nifty PCR is at 1.21 while Bank Nifty PCR is at 0.77 which clearly indicated that Bank Nifty will remain underperformed as compare to Nifty.
Nifty futures have support at the 15940—16000 and support at 15830
Decisive break and sustain below 15830 will take it to 15780—15750—-15710 or else it could test its resistance level of 15940—16000 again.
Three consecutive close + weekly close above 16000 will take it to 16800—17500+++ levels in days to come.
Be cautious at higher levels.
On the other hand, Bank Nifty has support at 34400—33900 and resistance at 35050.
Decisive break and sustain above 35050 will take it to 35400—35550 or else it could test its support level of 34400—33900 levels.
Who will save Bank Nifty below 33900 levels???
RSI and MACD turn flat and have no clear trend in the market. The volatility index is hovering around 12.00. Also, a tug of war between FII and DII is creating panic in the market.
Traders can trade safely as per the levels given. More we will update you soon.
Trendy stock- Ujjivan Financial services.
Looks positive above 243 on the chart. Highest delivery mark in yesterday’s trading session.
Maintain stop loss below 233 on a closing basis for the upside target of 260+++