On February 2, the post-budget rally in the market continued. The market saw a gain of more than 1 percent in yesterday’s trade. Yesterday’s trading saw a rise for the third day in a row. Most sectors have supported the budget proposals. In yesterday’s rally, along with the big stocks, small-medium stocks also saw a rise. Nifty Midcap gained 1.18 per cent yesterday and Smallcap by 1.44 per cent.
On February 2, Sensex closed at 59,558.3 with a gain of 695.76 points or 1.18 per cent. At the same time, the Nifty closed at 17,780 with a gain of 203.20 points or 1.16 percent. Nifty formed a bullish candle on the daily chart yesterday. Rajesh Palviya of Axis Securities says that Nifty has formed a bullish candle on the daily chart and closed above the previous day’s high, which is a sign of continuation in the market. On the overall chart, Nifty is showing an upward trend and is forming a higher top and higher bottom series, which indicates a positive trend in the market. For Nifty, there is an important support in the 17,674-17,622 zone. We expect Nifty to see a level of 18,000-18,100 in the near term. Rajesh Palviya advises short term traders to hold their long positions with a stop loss of 17,600. There is an important support for Nifty at 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. 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 17,705 and after that the second support is located at 17,630. If the index turns upwards, then it may face resistance at 17,824.8 and 17,869.6.
The first support for Nifty Bank is located at 38,926.53 and after that the second support is located at 38,522.57. If the index turns upwards, then it may face resistance at 39,560.53 then 39,790.57.
call option data
The maximum call open interest of 18.98 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 13.67 lakh contracts is being seen at 18,500. At the same time, there is a call open interest of 10.61 lakh contracts at the strike of 17,500.
Call writing was seen on the strike of 17700. 1.72 lakh contracts were added to this strike. After that 1.04 lakh contracts have been seen getting added even at 18,600.
The maximum call unwinding was seen at the strike of 17,500. This was followed by the highest call unwinding at 18000 and then 17,600 strike.
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