March 22 i.e. in yesterday’s trading, the market closed at the high levels of 1 month with a gain of more than 1 percent, recovering from all the decline of the previous trading day. The market was supported by good global cues in yesterday’s trade. BSE Sensex closed at 57,989 with a gain of 697 points or 1.22 per cent. At the same time, Nifty closed at the level of 17,315.50 with a gain of 198 points or 1.16 percent. This was the highest level since February 16 of this year. Nifty has formed a Bullish candle yesterday on the Daily chart. However, the broader market failed to pick up momentum in yesterday’s trade. Nifty Mid and Smallcap had gained only 0.28 per cent.
Nagraj Shetty of HDFC Securities Says that a long bull candle is forming on the daily chart which has almost covered Monday’s long bearish candle. This is a good sign for the market which indicates a counter attack by the bulls after a decline in the trading session. If there is further upside from here (above 17,355) then Monday’s bearish engulfing pattern will become redundant.
He further said that the daily chart has a positive pattern like higher highs and lows and now Tuesday’s swing low of 17,006 can be considered as the new losing bottom of this sequence. The overall chart pattern indicates that Nifty may see a level of 17,500 in the near term. Then in the near term Nifty can be seen going up to 17,800-18,000. There is immediate support for Nifty at 17,200.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. Please note here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,103 and after that the second support is located at 16,891. If the index turns upwards, then it may face resistance at 17,431 then 17,547.
The first support for Nifty Bank is located at 35,666 and after that the second support is located at 34,983. If the index turns upwards, then it may face resistance at 36,750 then 37,151.
FII and DII figures
On March 22, foreign institutional investors bought Rs 384.48 crore in the Indian markets. On the other hand, domestic institutional investors sold Rs 602.05 crore on this day.
Stocks coming under F&O ban on NSE
As on 23 March, 5 stocks are under F&O ban on NSE. These include the names of Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance and Sun TV Network. It is to be noted that the stocks included in the F&O segment are put in the ban category if the positions of the securities exceed their market wide position limits.
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