On January 31, the market saw a boom on February 1, i.e. today before the upcoming budget. The decline of the last several trading sessions was seen to be restrained yesterday. Sensex Nifty managed to close with a gain of 1.4 per cent yesterday due to the rise in all sectors. Apart from this, the market was also supported by positive global cues.
In yesterday’s trade, the BSE Sensex closed at 58,014.17 with a gain of 813.94 points, while the Nifty50 index closed at 17,339.80 with a gain of 237.80 points and formed a bullish candle on the daily chart. In yesterday’s trade, along with the big stocks, small and medium stocks were also seen rising. The Nifty Midcap 100 Index closed yesterday with a gain of 1.57 per cent and the Nifty Small Cap 100 Index gained 1.13 per cent.
Nagraj Shetty of HDFC Securities says that a small positive candle has formed on the daily chart with a gap-up opening and a minor upper shadow. From a technical perspective, this pattern is a sign of a consolidation of the bullish trend after the swing low of 16,836 on January 25. Hence, it can now be considered as a short term bottom reversal for the swing low market. This is a good sign. Now we see an uptrend in the short term.
He also says that the upper shadow formation of the last two trading sessions is indicating resistance for Nifty in the zone of 17,350-17,400. Today, due to the Union Budget, there can be huge fluctuations in the market. During this event in Nifty, swing momentum of 1-2 percent can be seen on either side. If there is a good upmove with strength in today’s trading, then Nifty can be seen going towards 17,700-17,800 in near term. Immediate support is visible for Nifty at 17,260 level.
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 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 17,266 and after that the second support is located at 17,192.2. If the index moves upwards, then it may face resistance at 17,411.8 then 17,483.8.
The first support for Nifty Bank is located at 37,676.46 and after that the second support is located at 37,377.53. If the index turns upwards, then it may face resistance at 38,245.77 then 38,516.13.
Great signal from GLOBAL markets too
There are also good signals from global markets on the day of budget. SGX Nifty is giving indication to open above 17500. There is a boom in Japan’s NIKKEI. There has been a strong rally in US INDICES yesterday. The NASDAQ has run over 3%.
Booster For Growth Budget will be presented today
Finance Minister Nirmala Sitharaman will present the fourth budget amid the third wave of Corona
Today is a special day because today the budget of the country will come. What will come out of the finance minister’s box? This question will be in everyone’s mind. The tax burden on the common man and corporates will increase or there will be a shower of reliefs. How much will the bag of farmers and poor be filled? Then what will happen to the hopes of small and big industries? And most importantly, how will the economic picture of the country be strong in the Corona period? To answer these questions, the Finance Minister has prepared a complete picture. Your wait will be over in just a short time, the budget for FY23 will be in front.
Finance Minister Nirmala Sitharaman will present the fourth budget amid the third wave of Corona. Booster For Growth Budget may focus on increasing investments and accelerating reforms. The government can expand the scope of the PLI scheme. Housing, infrastructure sector may get BIG PUSH.
call option data
The maximum call open interest of 20.05 lakh contracts has been seen at the 18000 strike, which will act as a key resistance level in the February series. After this, the highest call open interest of 13.81 lakh contracts is being seen at 18500. At the same time, there is a call open interest of 12.54 lakh contracts at the strike of 17500.
Call writing was seen on the strike of 17400. 1.89 lakh contracts were added to this strike. After that 1.64 lakh contracts have been seen getting added even at 18500.
The maximum call unwinding was seen at the strike of 17000. After this, the highest call unwinding was on the strike of 17200 and then 17100.
put option data
The maximum put open interest of 37.92 lakh contracts has been seen at the 16500 strike, which will act as an important support level in the February series. After this, the highest put open interest of 24.53 lakh contracts is being seen at 17000. At the same time, there is a put open interest of 21.66 lakh contracts at a strike of 16000.
Put writing was seen at the 17000 strike. 1.34 lakh contracts were added to this strike. After that 1.26 lakh contracts have been seen getting added even at 17300. Whereas 1.01 lakh contracts are attached at 16800.
The maximum put unwinding was seen at the strike of 16000. This was followed by the highest put unwinding at the strike of 17500 and then 17100.
Stocks with High Delivery Percentage
These include the names of Crompton, HUL, Ipca Lab and Dabur. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
Foreign institutional investors sold Rs 3,624.48 crore in Indian markets on January 31. At the same time, domestic institutional investors bought Rs 3,648.65 crore on this day.
Stocks coming under F&O ban on NSE
No stock is under F&O ban on NSE as on 1st February. 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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