nifty banknifty
nifty
Support Zone 22147_21725
Resistance Zone 23026_23338
banknifty
Support Zone 47737_46000
Resistance Zone 49974_50667_51133
Technical View: Breach of 22,900 crucial for strengthening Nifty's upside bias
In Bank Nifty as per experts, a pullback towards the 48,500 zone presents a good buying opportunity for short-term traders.
Domestic equities rebounded sharply as sentiments improved following the confirmation that the NDA will form the government for the third consecutive term. The Nifty rallied 736 points (3.4 percent) to close at 22,620, returning to last Friday’s level. The broader market also rallied, with the Midcap 100 and Smallcap 100 indices rising by 4.3 percent and 3.8 percent, respectively.
India VIX cooled down by 29.40 percent on an intraday basis, settling at 18.89. The reduced volatility provided comfort to the bulls. The Nifty managed to close above the 50-day moving average, which is around 22,430. With the previous day's high of 23,179.50, the Nifty retraced more than 61.8 percent in yesterday's session.
Call writers (bears) exited their positions, and additional put writing was observed at all strikes from 21,500 to 22,200, leading to the sharp recovery in the Nifty. Strong put writing was noted at the 22,200 and 22,400 strikes in the index.
The Nifty 22,500 level continues to play a crucial role in determining the index's direction.
"The call and put writers fought fiercely at the 22,500 strike, and the option activity at this strike will provide cues about the Nifty’s intraday direction," said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities.
Support Zone 22147_21725
Resistance Zone 23026_23338
banknifty
Support Zone 47737_46000
Resistance Zone 49974_50667_51133
Technical View: Breach of 22,900 crucial for strengthening Nifty's upside bias
In Bank Nifty as per experts, a pullback towards the 48,500 zone presents a good buying opportunity for short-term traders.
Domestic equities rebounded sharply as sentiments improved following the confirmation that the NDA will form the government for the third consecutive term. The Nifty rallied 736 points (3.4 percent) to close at 22,620, returning to last Friday’s level. The broader market also rallied, with the Midcap 100 and Smallcap 100 indices rising by 4.3 percent and 3.8 percent, respectively.
India VIX cooled down by 29.40 percent on an intraday basis, settling at 18.89. The reduced volatility provided comfort to the bulls. The Nifty managed to close above the 50-day moving average, which is around 22,430. With the previous day's high of 23,179.50, the Nifty retraced more than 61.8 percent in yesterday's session.
Call writers (bears) exited their positions, and additional put writing was observed at all strikes from 21,500 to 22,200, leading to the sharp recovery in the Nifty. Strong put writing was noted at the 22,200 and 22,400 strikes in the index.
The Nifty 22,500 level continues to play a crucial role in determining the index's direction.
"The call and put writers fought fiercely at the 22,500 strike, and the option activity at this strike will provide cues about the Nifty’s intraday direction," said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities.
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