Yesterday, the bulls dominated the market for the fifth consecutive day. On March 14, the market had managed to close with 1.50 per cent. The market was seen to be relieved due to the fall in crude oil prices and some moderation in FII sales. Yesterday the market saw a good start to a short week on this one day.
Banking financial, auto and tech stocks saw good gains in yesterday’s trade. Sensex closed at 56,486 with a gain of 936 points or 1.68 per cent. At the same time, Nifty closed at 16,871 with a gain of 241 points or 1.45 per cent. Nifty formed a bullish candle on the daily chart yesterday.
Nagraj Shetty of HDFC Securities It says that technically this gives signs of strength in the market. The short term trend of Nifty remains positive. The market is now showing early signs of an upside break out from the cluster resistance around 16,800-17,000. If this happens then Nifty can show us the level of 17,500 very soon. On the other hand, if Nifty is not able to sustain above 16,800 in the next 1-2 sessions, then we can see a correction coming from the upper levels. Immediate support is visible for Nifty at 16,750.
In yesterday’s trade, the performance of small and medium stocks was much better than the giants. Nifty Mid and Small Cap closed with a marginal gain of 0.2 per cent yesterday.
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.
Mixed signals from global markets
There are mixed signals from global markets. Asian markets are sluggish. SGX NIFTY is also down by more than 100 points. Although DOW FUTURES has a slight edge. US markets were MIXED yesterday. The NASDAQ was seen reaching a 52-week low.
Crude down more than 8%
Crude boils have cooled as the ceasefire talks between Russia and Ukraine progressed. Its price has fallen more than 8% and has reached near $ 104. The luster of gold has also faded.
Another deal in RIL’s New Energy
There has been another big deal of RELINACE INDUSTRIES in the new energy sector. Reliance New Energy has entered into an agreement to buy the business of battery company Lithium Werks for $61 million.
Retail inflation increased in February
Retail inflation accelerated to 6.07% in February against the estimate of 6%. The inflation rate for food items has been 5.85%.
strategy on nifty
Talking about the strategy on Nifty, Virendra Kumar of CNBC-Awaaz says that its first resistance zone is 16936-16977 and the big resistance zone is 17024-17067 (50 DEMA). The first base zone is 16809-16765 and the larger base zone is 16717-16667. There is a strong upside move above the 20/200 DEMA. All goals have been achieved. Good money has been made in 16800 call also. The figures for FIIs are improving gradually. Crude has also slipped. Volatility has also reduced in US markets. Stay long, buy above the first base, bullish trend up to 17060-67 is visible. There is a big base at 16809-16765. Will take trade on opening.
strategy on nifty bank
Talking about the strategy on Nifty Bank, Virendra Kumar of CNBC-Awaaz says that its first resistance zone is 34540-35729 and the big resistance zone is 35883-36040. The first base zone is 35175-35010 and the bigger base zone is 35837-35621. The fall of Makrud is a big relief for the banks. Tomorrow all the targets were achieved, if it stays above 35540 then 36000 will test. Stay long, buy even in downtrend, 35000-35200 is very important for strength. Buy every drop from 35000-35200.
Key support and resistance levels for Nifty
The first support for Nifty is located at 16,689 and after that the second support is located at 16,507. If the index turns upwards, then it may face resistance at 16,971 then 17,070.
The first support for Nifty Bank is located at 34,813 and after that the second support is located at 34,314. If the index turns upwards, then it may face resistance at 35,623 then 35,934.
call option data
The maximum call open interest of 23.27 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 19.23 lakh contracts is being seen at 17000. At the same time, there is a call open interest of 17.44 lakh contracts at the strike of 17,500.
Call writing was seen on the strike of 17100. 2.97 lakh contracts were added to this strike. After that 1.29 lakh contracts have been seen getting added even at 17,500.
The maximum call unwinding was seen at the strike of 16,800. After this, the maximum call unwinding was at 16,500 and then 16,700 strike.
put option data
The maximum put open interest of 46.48 lakh contracts has been seen at the strike of 16000, which will act as an important support level in the March series. After this, the highest put open interest of 39.51 lakh contracts is being seen at 16,500. At the same time, there is a Put Open Interest of 29.74 lakh contracts at a strike of 15,500.
Put writing was seen at the strike of 16,000. 4.51 lakh contracts were added to this strike. After that 3.41 lakh contracts have been seen getting added even at 16,700. While 1.64 lakh contracts are attached at 16,800.
The maximum put unwinding was witnessed at the 15,500 strike. This was followed by the highest unwinding of puts at the strike of 18,000 and then 16,100.
Stocks with High Delivery Percentage
These include the names of ABB, Marico, Dabur, Colgate and ICICI Bank. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
Foreign institutional investors sold Rs 176.52 crore in Indian markets on March 14. At the same time, domestic institutional investors bought Rs 1098.62 crore on this day.
Stocks coming under F&O ban on NSE
On March 15, 1 stock is under F&O ban on NSE. It includes the name of Balrampur Chini Mills. 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.
Short covering seen in 55 stocks
A fall in open interest along with a rise in prices is usually a measure of short covering. Nifty Financial, Mahanagar Gas, GNFC, Indraprastha Gas and Escorts are among the 55 stocks that saw the highest short covering in yesterday’s trade on the basis of open interest futures percentage.
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