FOR THE LIVE TRADING TIPS WHATSAPP ON 9039542248
The bulls were back on Dalal Street after a two-day hiatus, pushing Sensex and Nifty higher ahead of the monthly Futures & Options expiration and the Federal Reserve Board meeting. Nifty closed above 16,600. At the close, the Sensex was up 547 points to 55,816 and the Nifty was up 158 points to 16,641. Sun Pharma, SBI, L&T, Divis Labs and Asian Paints were among the Nifty's big gainers, while losers included Bharti Airtel, Bajaj Auto, Hero MotoCorp, UPL and Kotak Mahindra Bank. All industry indices ended in the green, with Bank, IT, Metals, Oil & Gas, Capital Goods, PSU Bank and Pharma Index up 1-2 percent. The view changed to Bullish as we decidedly navigated 16640. The same is true for Banknfity as it forms a bullish engulfing candle on daily charts. The Bank Nifty index saw some buying from the 36,400-36,300 support zone ahead of the Fed meeting. Index remains in buy mode as long as it holds 36,300 support on the downside. The immediate resistance level on the upside is 37,000 and once broken will see another rally towards the 37,500 level. The market is keeping an eye on this week's Fed meeting and key earnings reports in the coming days, including Facebook. Nifty is currently placed at the significant overhead resistance according to the polarity change around 16800 levels according to the daily and weekly timeframe charts. Previously, both sides' movements from this hurdle led to a sharp movement. Therefore, a decent downward correction can be expected in the coming sessions. The positive sequence of higher highs and lower lows is intact and the current weakness may coincide with the formation of a higher bottom reversal at the lower levels. Therefore, further weakness from here could open up short-term opportunities for higher bottom reversal formation on the lows. The Nifty Index is likely to consolidate in the 16,500-16,700 range ahead of the Federal Reserve Board meeting. The trend remains up and one should maintain a buy-on-dip approach. Maximum total Call open interest was seen at 16600, 16800 and 17000 strikes with total open interest of 130304, 176865 and 108000 contracts respectively. Maximum Put open interest addition was seen at 16500, 16300 and 16000 strikes which added 123857 , 102293 and 129184 contracts respectively.
Resistance: 16675, 16775, 16875
Support: 16575,
16475, 16375
No comments:
Post a Comment