Last week, we recommended buying in Nifty futures around 15650 with stop loss below 15500 on a closing basis. It made a low of 15578.55 and bounced back sharply to 15899 and finally settled around 15856.05. US markets are trading at all-time highs. Below update about Nifty and Bank Nifty. keep an eye on trendy stocks Thermax and NTPC
On the other hand, Bank Nifty is struggling at lower levels. Bank Nifty feels economic and global political pressure. Rise in crude oil prices, default fear because of lockdown in the pandemic, strengthening in dollar against all major currencies created pressure on the banking industry.
Nifty PCR is at 1.15 while Bank Nifty PCR is at 0.94.
In the month of July, FII sold more than 12300 cr value of stocks in the cash segment while DII bought more than 10000 cr value of stocks in the same period.
Trendy Nifty; 15856.05
Nifty formed a trading range between 15500—16000 (Approx, Psychological level)
Hurdle at 16000.
Above 16000… Nifty could test 16080—16155 and then to 16350.
Three consecutive closes + weekly close above 16000 will take Nifty to 16800—17500 levels in days to come
Or else it could test its support level of 15750—15680 and then to 15450 levels in days to come.
Who will save Nifty below 15450 levels???
Traders can trade safely as per the levels given above. More we will update during market hours.
Trendy Bank Nifty; 35020
Bank Nifty has support at 34400—33900 and resistance at 35500—36100
Above 35200 will take it to 35500. A decisive close above 35500 levels for the upside target of 35850—36100 again.
Will it break 36100 or breach the support level of 33900???
Below 33900… possible target up to 32000—31400 levels.
Alert; Most of the large-cap stock looks weak on the charts. Midcap stock still looks trendy.
Here, traders can trade safely as per the levels given.
Anything major seems then surely we will update during market hours.
Trendy Stock- THERMAX
Thermax formed a base candle on the daily chart.
Support at 1370 and resistance at 1440.
Above 1440… Catch it with stop loss below 1370 for the sharp upside target of 1540—1570 and then to 1650+++ levels in days to come.
Below 1370… The downside target looks 1355—1325—1310.
Traders can go long above 1550 with stop loss below 1370 for the upside target of 1540—1570—1650.
Trendy Stock- NTPC Futures
Formed inverted Doji on the weekly chart.
NTPC futures has support at 118 and resistance at 122.50—125.0
Decisive break and close below 118.00 will take it to 114—111 levels in days to come
Fresh buying we will do on a close above 125.00 levels only.
Option traders; Buy 119 PE above 1.30. Stop loss below 0.50. Target 3—5