On February 28, the market showed a strong bounce back in afternoon trade and with Ukraine-Russia entering the second round of talks, the market saw an increase in the second consecutive trading session. Metal, FMCG, IT and Reliance Industries contributed significantly to this rally of the market.
On February 28, Sensex closed at 56,247 with a gain of 389 points. At the same time, Nifty closed at 16,794 with a gain of 135 points and Nifty had formed a big bullish candle on the daily chart which is a positive sign for the market. But experts say that the Nifty will have to cross the level of 16,800-17,000 with strength to maintain the gains.
Nagraj Shetty of HDFC Securities Says Nifty is currently looking near its key overhead resistance near 16,800-17,000 which is also its previous swing low and 200 day EMA. Earlier it was giving important support to the range market. And from here there was a strong uptrend as well. The previous examples are showing that in the short term we will see Nifty struggling to stay above 16,800-17,000. But if Nifty manages to gain strength above 17,000 then short term bearish pattern of Nifty may change and it may see us moving towards 17,500. On the other hand, if Nifty does not manage to stay above 16,800, then in the near term we can see a decline of up to 16,300.
On the last trading day i.e. February 28, along with the big stocks, there was buying in small-medium stocks as well. Nifty midcap closed with a gain of 1 per cent. At the same time, the small cap closed with a gain of 0.6 percent.
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 16,495 and after that the second support is located at 16,196. If the index turns upwards, then it may face resistance at 16,954 then 17,115.
The first support for Nifty Bank is located at 35,788 and after that the second support is located at 35,371. If the index turns upwards, then it may face resistance at 36,446 then 36,687.
call option data
The maximum call open interest of 20.75 lakh contracts has been seen at the 18000 strike, which will act as an important resistance level in the March series. After this, the highest call open interest of 20.46 lakh contracts is being seen at 17,000. At the same time, there is a call open interest of 17.94 lakh contracts at the strike of 17500.
Call writing was seen on the strike of 18000. 2.19 lakh contracts were added to this strike. After that 1.69 lakh contracts have been seen getting added even at 17500.
The maximum call unwinding was seen at the strike of 16,300. This was followed by the highest call unwinding at 16,900 and then 17,100 strike.
put option data
The maximum put open interest of 48.60 lakh contracts has been seen at the strike of 16,500, which will act as an important support level in the March series. After this, the highest put open interest of 41.91 lakh contracts is being seen at 16,000. At the same time, there is a Put Open Interest of 24.10 lakh contracts at the strike of 17,000.
Put writing was seen at the strike of 16,700. 2.84 lakh contracts were added to this strike. After that 1.26 lakh contracts have been seen getting added even at 16,800. While 59,000 contracts are attached at 16,400.
The maximum put unwinding was witnessed at the strike of 16,300. This was followed by the maximum unwinding of put at 16,500 and then 16,000 strike.
,