The market started the week on a strong note. After the correction of the last four consecutive trading sessions, the Sensex-Nifty gained about 1 percent in yesterday’s trade. The participation of all sectors was seen in yesterday’s rally. Banking, pharma, metal, financial and IT played a big role in this upswing.
In yesterday’s trade, Sensex closed at 59,299.32 with a gain of 533.74 points. At the same time, Nifty closed at 17,691.30 with a gain of 159.30 points and it formed a bullish candle on the daily chart.
Shrikant Chauhan to Kotak Securities Says that after the decline of the last four sessions, yesterday’s trading was seen gaining momentum on the basis of good global signals. Technically, Nifty has bounced back once again by taking support near the 20-day SMA. Nifty has formed a good reversal formation which is a positive sign for the market. He further added that the level of 17,600 or the 20-day SMA will act as an important support for the day traders. If it goes above this, Nifty can rise further and it can show the level of 17,800-17,850. However, if Nifty slips below 17,600, then weakness can increase.
The broader market continued to outperform the giants in yesterday’s trade as well. Nifty Midcap 100 and Smallcap 100 gained up to 1.6 per cent.
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 17,598.03 and after that the second support is located at 17,504.87. If the index moves upwards, then it may face resistance at 17,767.63 then 17,844.07.
The first support for Nifty Bank is located at 37,399.9 and after that the second support is located at 37,220.2. If the index moves upwards then it may face resistance at 37,715.0 then 37,850.4.
call option data
The maximum call open interest of 21.87 contracts has been seen at the strike of 18000, which will act as an important resistance level in the October series. After this, the highest call open interest of 14.51 lakh contracts is being seen at 18500. At the same time, there is a call open interest of 11.49 lakh contracts at the strike of 17700.
Call writing was seen on the strike of 18000. 2.3 lakh contracts were added to this strike. After that 2.09 lakh contracts have been seen to be added even at 18500. At the same time, 1.83 lakh contracts were added even on 17700.
The maximum call unwinding was seen at the strike of 17500. This was followed by the highest call unwinding at the strike of 17600 and then 17300.
put option data
The maximum put open interest of 33.11 contracts has been seen at the strike of 17000, which will act as an important resistance level in the October series. After this, the highest put open interest of 14.12 lakh contracts is being seen at 17500.
Put writing was seen at the 17000 strike. 3.2 lakh contracts were added to this strike. After that 2.9 lakh contracts have been seen being added even at 17600. At the same time, 1.48 lakh contracts were added even at 17400. The maximum put unwinding was seen at the strike of 17900. This was followed by the highest put unwinding on the 18100 strike.
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