Nifty started the April series on a positive note. With this the index easily closed above 17,600. A Bullish Engulfing Candle is forming on the Daily Scale and a Bullish Candle is forming on the Weekly Frame in Nifty.
Mazhar Mohammad, Founder & Chief Market Strategist at Chartviewindia said that it seems Nifty has resumed its upward move as it took a one-week pause on the weekly chart. After a Bullish candle has formed.
The setup of the indicator was slowly turning towards the bulls again during the time frame. Mohammad said, “So this Nifty seems to be staying above the level of 17442 and in the next one or two trading sessions Nifty can achieve the target of 17814. Not only this, it can also touch the level of 18000 in the next week.” “
He said that positional traders can stay in it for a long time with a stoploss below 17400. In this trade one can expect to get the target in the zone of 17,900-18,000.
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The options data is showing an immediate trading range between 17,500 and 18,000.
Most of the call OI is at 17,500 with 18,000 strike. Whereas the highest Put OI is seen at 16,000 followed by 17,000 strike. Marginal call writing is visible at 17,500 strike followed by 18,000 strike. Whereas put writing is seen at 17,000 strike.
Banking Index
Bank Nifty opened negative today but went above the initial tick and appeared to move towards 37,200.
Bank Nifty outperformed the broader market and closed with a gain of around 770 points. This formed a strong bullish candle on the daily scale.
Chandan Tapadia of Motilal Oswal Financial Services said, “Bank Nifty will have to stay in the 37,000 zone to move up in the 37,500 and 37,777 zones. While the Bank Nifty can see support in the 36,750 and 36,500 zones.”
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In the market today BHEL, NTPC, Canara Bank, Shriram Transport Finance, Can Fin Home, City Union Bank, ZEEL, Federal Bank, GAIL, Bandhan Bank, M&M Financial, BPCL, BOB, L&TFH, Power Grid, Tata Power, SBIN, HAL , HDFC, M&M, AU Bank, IOC, Bajaj Finance, Deepak Nitrite, NMDC, BEL, HDFC Bank and Cummins India saw a positive set up. On the other hand, weakness was seen in Alkem, Chola Financial, Mindtree, Divi’s Labs and Cipla.
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