Nifty Trade Setup: On December 24, the market remained within the range of the previous day. Ahead of the monthly F&O expiry on December 26, Nifty closed with a decline of 0.1 per cent. However, here it managed to defend the 200-day EMA (23,700) in another trading session. At the same time, India VIX fell sharply this week. Moreover, Nifty is trading within a wide range of 23,500-24,000 since last Friday (important support and resistance level). A decisive breakout on either side could decide the further direction of the market. Till then consolidation may continue. Market experts say that a break below 23,500 can test the November low (23,263). Whereas a move above 24,000 may face resistance at 24,300.
Here we are giving you some such figures on the basis of which it will be easy for you to catch profitable deals.
Important level for Nifty 50 (23,728)
Support based on pivot point: 23,690, 23,647, and 23,578
Registration based on pivot point: 23,830, 23,873, and 23,943
Nifty formed an Inside Bar pattern in another trading session on the daily chart. Which is a sign of caution. Nifty remained below 10, 20, 50 and 100-day EMA (Exponential Moving Average) which is a negative sign. However, it remains slightly above the 200-day EMA. Momentum indicator RSI (Relative Strength Index) at 38 remained in the lower band and MACD (Moving Average Convergence Divergence) remained below the zero line maintaining the negative trend.
Key level for Bank Nifty (51,233)
Registration based on pivot points: 51,344, 51,402, and 51,495
Support based on pivot points: 51,157, 51,100, and 51,006
Resistance based on Fibonacci retracement: 51,387, 51,864
Support based on Fibonacci retracement: 50,660, 49,787
Bank Nifty formed an inside bar pattern on the daily chart in another trading session, staying within the wide range of 1,000 points (50,600-51,600) of last Friday. Moreover, the index remained below all the important moving averages except the 200-day EMA. Momentum indicator RSI (at 40.6) remained in the lower band, and MACD slipped below the zero line. This is a negative sign.
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nifty call option data
On monthly basis, maximum call open interest of 1.16 crore contracts has been seen at the strike of 24,000 which will act as an important resistance level in the coming trading sessions.
nifty put option data
Maximum Put Open Interest of 90.44 lakh contracts has been seen at the strike of 23,500 which will act as an important support level in the coming trading sessions.
bank nifty call option data
Bank Nifty has seen a maximum call open interest of 8.76 lakh contracts at the strike of 53,000, which will act as an important resistance level in the coming trading sessions.
bank nifty put option data
Maximum Put Open Interest of 6.6 lakh contracts has been seen at the strike of Rs 51,500 which will act as an important resistance level in the coming trading sessions.
FII and DII fund flows
Fear index India VIX continued to fall in the market and it fell 2.53 percent to 13.18 on Tuesday, which is its lowest level since December 13. This decline has provided relief to the bulls.
put call ratio
The Nifty put-call ratio, which reflects the market mood, increased to 0.94 on December 24, compared to 0.84 in the previous session. It is noteworthy that PCR going above 0.7 or crossing 1 is generally considered a sign of bullish sentiment. Whereas a ratio falling below 0.7 or towards 0.5 indicates bearish sentiment.
Stocks covered under F&O ban
Restricted securities under the F&O segment include those companies whose derivative contracts exceed 95 per cent of the market wide position limit.
Newly included stocks in F&O ban: nobody
Stocks already included in F&O ban: RBL Bank
Stocks removed from F&O ban: Bandhan Bank, Granules India, Hindustan Copper, Manappuram Finance
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