Trade Setup : The Nifty 50 index closed flat with a gain of 0.1 per cent in the expiry session of monthly futures and options contracts on December 26. Yesterday also we saw rangebound trading. Nifty continued to move higher in the 23,850 (which coincides with the 200-day SMA) and lower in the 23,650-23,700 zone (which coincides with the 200-day EMA to some extent) for the third consecutive trading session. Market experts say that breaking the trading range of 23,650-23,850 can give a strong direction to the Nifty 50 index. For Nifty, there is resistance at 4,000 on the upper side and support at 23,500 on the lower level.
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 (23,750)
Support based on pivot point: 23,676, 23,629 and 23,552
Registration based on pivot point: 23,830, 23,877 and 23,954
Nifty 50 continued to form an inside bar-like pattern on the daily chart for the third consecutive trading session, indicating rangebound trading. Nifty remained below the 10, 20, 50 and 100-day EMA (exponential moving average) (though it remained slightly above the 200-day EMA), indicating bearish sentiment. Momentum indicators RSI (Relative Strength Index at 38.8) and MACD (Moving Average Convergence Divergence) falling below the zero line also indicate a negative trend.
Key level for Bank Nifty (51,171)
Registration based on pivot points: 51,589, 51,775, and 52,076
Support based on pivot points: 50,986, 50,800, and 50,499
Resistance based on Fibonacci retracement: 51,572, 52,133
Support based on Fibonacci retracement: 50,659, 49,787
Bank Nifty formed a bearish candlestick pattern with a large upper and lower shadow on the daily chart, indicating volatility and being rangebound. However, it attempted to cross the 100-day EMA intraday. Overall, the sentiment remains bearish with the index trading below the 10, 20, 50 and 100-day EMAs. Furthermore, the RSI (at 40) and MACD have fallen below the Zorro line. This also shows a negative trend.
nifty call option data
On weekly basis, maximum call open interest of 46.92 lakh 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 45.26 lakh contracts has been seen at the strike of 23,800 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 10.58 lakh contracts at the strike of 52,000, which will act as an important resistance level in the coming trading sessions.
bank nifty put option data
Maximum Put Open Interest of 8.12 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 India VIX halted its two-day decline and rose 6.51 per cent to 14.03, which is still below the alert level, so there is still some relief for the bulls.
put call ratio
The Nifty put-call ratio, which reflects the market mood, fell to 0.89 on December 26, compared to 0.94 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
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