Nifty Trade setup: The Nifty 50 index broke its three-day rising streak and fell by 0.50 per cent on January 17. This negated the higher high, higher low formation of the last few sessions. Experts say that the market needs a strong trigger to come back and stay in the positive zone. Therefore, as long as Nifty continues to trade below all important moving averages, consolidation may continue. Immediate support for Nifty is at 23,200 and then the next major support is at 23,050. However, if Nifty manages to close strongly above 23,400 (which coincides with 50-week EMA and 10-day EMA), it may also see levels of 23,600.
Here we are giving you some such figures on the basis of which it will be easy for you to catch profitable deals.
Key support and resistance levels for Nifty (important level 23,203)
Support based on pivot point: 23,125, 23,080 and 23,007
Registration based on pivot point: 23,272, 23,317 and 23,390
Nifty formed a bearish candlestick pattern with lower shadow on the daily chart along with above average volumes. This is a sign of lack of strength for the market to rise. Nifty is trading well below all important moving averages. Also, negative trend in momentum indicators also shows weakness.
Bank Nifty (crucial level 48,541)
Registration based on pivot points: 48,914, 49,088, and 49,370
Support based on pivot points: 48,351, 48,177, and 47,895
Resistance based on Fibonacci retracement: 49,454, 50,411
Support based on Fibonacci retracement: 47,875, 46,078
Bank Nifty also formed a bearish candlestick pattern on the daily time frame after the bullish trend of the last three trading sessions and formation of Higher High, Higher Low indicating weakness. Bearish sentiment remains as the index is seen well below all important moving averages. Momentum indicators are also in the negative zone.
nifty call option date
On weekly basis, maximum call open interest of 78.12 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 46.54 lakh contracts has been seen at the strike of 22,700 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 20.87 lakh contracts at the strike of 51,000, which will act as an important resistance level in the coming trading sessions.
bank nifty put option data
Maximum Put Open Interest of 13.43 lakh contracts has been seen at the strike of Rs 48,000 which will act as an important resistance level in the coming trading sessions.
FII and DII fund flows
Volatility index India VIX remained in the higher zone. The rise continued in another trading session on Friday. It closed at 15.75 with a gain of 1.83 percent. This is a bad situation for the bulls.
put call ratio
The Nifty Put-Call Ratio (PCR), which reflects the market mood, fell to 0.91 on January 17. Whereas in the last session it was at the level of 1.01. 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.
Stock Market Live Updates- Markets around the world today keep an eye on Trump 2.0, flat trading in Gifty Nifty.
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: Can Fin Homes
Stocks already included in F&O restrictions: Aarti Industries, Aditya Birla Fashion & Retail, Angel One, Bandhan Bank, Hindustan Copper, Kalyan Jewellers, L&T Finance, Manappuram Finance, RBL Bank
Stocks removed from F&O ban: nobody
Disclaimer: The views expressed on Moneycontrol.com are the personal views of the experts. The website or management is not responsible for this. Money Control advises users to seek the advice of a certified expert before taking any investment decision.