Yesterday i.e. on November 3, there was a decline in the business for the second consecutive day. BSE Sensex slipped below 60,000 level yesterday. Selling was seen in Bank, Auto, FMCG and Pharma shares in yesterday’s trade. On the other hand, metal and real estate stocks supported the market. Sensex closed down 257.14 points yesterday at 59,771.92 level. At the same time, Nifty fell 59.80 points to close at 17,829.20. Nifty formed a bearish candlestick formation on the daily chart yesterday.
In yesterday’s trade, like the giants, selling was seen in small and medium stocks too. Nifty Midcap 100 index closed with a weakness of 0.27 per cent yesterday. At the same time, the Nifty Smallcap 100 index closed down 0.27 percent.
Nagraj Shetty of HDFC Securities Says that a small negative candle appeared on the daily chart on Wednesday. A similar negative candle was formed on Tuesday as well. Technically, this type of pattern is a sign of trading in a range in the market. The pattern is forming below important resistance from the 10-day and 20-day EMAs near 17,960. In the short term, we can see trading in a range with a weak trend in Nifty. If Nifty shows strength above 18,050, then we can see further upside in the market. On the other hand, if Nifty slips below 17,750, then we can see it going towards 17,600.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and volume of stocks 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 17,728.47 and after that the second support is located at 17,627.73. If the index moves upwards, then it may face resistance at 17,959.37 and then at 18,089.54.
Nifty Bank
The first support for Nifty Bank is located at 39,084.6 and after that the second support is located at 38,767.1. If the index turns upwards, then it may face resistance at 39,939.9 then 40,477.7.
call option data
The maximum call open interest of 22.58 lakh contracts has been seen at the strike of 19000, which will act as an important resistance level in the October series. After this, the highest call open interest of 19.57 lakh contracts is being seen at 18500. At the same time, there is a call open interest of 19.28 lakh contracts at 18000 strike.
Call writing was seen on the strike of 17900. 1.01 lakh contracts were added to this strike. After that 55,100 lakh contracts have been seen to be added even at 18100.
The maximum call unwinding was seen at the strike of 18000. This was followed by the highest call unwinding at the strike of 18400 and then 19000.
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