Nifty is moving up and up whereas Bank Nifty is going down. In yesterday’s session, Nifty has covered his halfway journey of reaching 17000 levels. Moreover, Nifty50 rises 33.95 percent and concluded at 16563.05 thereby making a day low of 16480.75 and a high of 16589.40.
Furthermore, the Indian stock market is curving towards an upward trend thereby smashing fresh records. The BSE Sensex closed at 55582.58 which was up by 145.29 points.
Through the day, the domestic market botched to uphold its momentum and concluded on a flat note. Therefore, a larger amount of selling pressure was observed in significant sectors.
If we converse about broader indices, then they clearly underperformed. Thus, mid-cap indices and small-cap indices both dip by 0.18 and 0.5 percent respectively.
From a Sector perspective, metal rises 1.5 percent whereas selling push was visible in the bank, auto, pharma, and IT stocks. Furthermore, the metal index rises nearly by 2 percent, and oil and gas rise nearly by 0.8 percent. On the contrary, power, bank, realty and auto stocks concluded in red.
Yesterday, Foreign Institutional Investors created a selling push worth Rs.1088.32 cr whereas DII sits on a buying side with worth Rs. 506.21 shares.
In yesterday’s trading session, Bank Nifty concluded with 36094.50 thereby making a dip of 74.85 percent. Throughout the day, trading continues in a very tight range and ended just near the opening tick.
Nifty Future
Nifty has support at 16450 and resistance at 16600.
Decisive break and close above 16600 will take it to 16690—16750 levels.
Traders should remain cautious at lower levels.
Still, we will take care of levels below the 16450 mark because of strength in Nifty while data PCR is showing positive momentum in Nifty.
Trade safely… More we will update during market hours.
Bank Nifty Future
On the other hand, Bank Nifty is stuck within a tight range and grabbing the premium of the option segment smartly.
Now, what next???
Support at 35900—35600 and resistance at 36400.
Either side break or close with volume will decide further.
Till then traders trade in a limited range and wait for confirmation.
Trendy Bajaj Finance
7 days narrow range breakout in Bajaj Finance.
Grab around 6300 with stop loss below 6100 for the upside target of 6600
Option traders can buy 6500 CE around 60. Stop loss below 20.00. Target 120—180