Nifty50 rose by 119 points yesterday based on good quarterly results of heavyweight banking stocks ICICI and HDFC. SBI and Reliance also contributed moderately to this rally.
Today the market is expected to be in the range 17900 on the upper side and 17600 on the lower side.
Short-Term Levels:
Resistance: 0.80 CR Call OI buildup @ 17800 level
Support: 1.29 CR Put OI buildup @ 17700 level (STRONG SUPPORT @ 17600 LEVEL)
17600 still seems to be a crucial level (make or break level)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Note that this being the last week of the monthly expiry followed by many companies declaring Quarterly results today and coming days, we can expect volatility in the market. Keep a close tab on VIX and make trading decisions accordingly.
Overall sentiment seems slightly bullish, but it's important for the index to retain its position above 17600 levels and cross 18200 levels to declare a bull run.
Chart Pattern:
Also, the green candle stick pattern with a small head and long wick at the bottom is placed above the day's high and 200 DMA which denotes a bullish trend. There is still a bearish engulfing pattern seen on weekly charts which will be ruled out once the market breaks the 17865 levels. Do trade in limited quantities with strict stop loss or hedging options.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 17760 >>>>> Buy ITM 17750 CE. (TGT 17820 | SL 17720) - Risky traders can TGT 17850
DOWNSIDE TRADE:
Sell only below 17700 >>>>> Buy ITM 17750 PE (TGT 17650 | SL 17750) - Risky traders can TGT 17620.
Things to account for 25 April 2023:
1. Quarterly corporate earnings report for several companies:
Bajaj Auto, HDFC Asset Management Company, Nestle India, Tata Consumer Products, Anant Raj, AU Small Finance Bank, Dalmia Bharat, Elecon Engineering, Lloyds Metals and Energy, Mahindra CIE Automotive, Mahindra Lifespace Developers, Meghmani Finechem, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Rallis India, Tata Steel Long Products and VST Industries
2. Indusind Bank declared net profit jump of 46%
3. Mankind IPO launch today
Price Range1,026-1,080 OPEN 25-04-2023 CLOSE 27-04-2023 Issue Size 4,326.36 Cr
4. HDFC Bank: Monetary Authority of Singapore (MAS) has granted approval for the acquisition of shares in Griha Pte. by HDFC Bank due to the proposed amalgamation. As a result, HDFC Bank will acquire a 20 percent or more stake in Griha Pte. The proposed amalgamation is subject to receipt of final approvals from SEBI in respect of the change in control of certain subsidiaries of HDFC.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
Today the market is expected to be in the range 17900 on the upper side and 17600 on the lower side.
Short-Term Levels:
Resistance: 0.80 CR Call OI buildup @ 17800 level
Support: 1.29 CR Put OI buildup @ 17700 level (STRONG SUPPORT @ 17600 LEVEL)
17600 still seems to be a crucial level (make or break level)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Note that this being the last week of the monthly expiry followed by many companies declaring Quarterly results today and coming days, we can expect volatility in the market. Keep a close tab on VIX and make trading decisions accordingly.
Overall sentiment seems slightly bullish, but it's important for the index to retain its position above 17600 levels and cross 18200 levels to declare a bull run.
Chart Pattern:
Also, the green candle stick pattern with a small head and long wick at the bottom is placed above the day's high and 200 DMA which denotes a bullish trend. There is still a bearish engulfing pattern seen on weekly charts which will be ruled out once the market breaks the 17865 levels. Do trade in limited quantities with strict stop loss or hedging options.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 17760 >>>>> Buy ITM 17750 CE. (TGT 17820 | SL 17720) - Risky traders can TGT 17850
DOWNSIDE TRADE:
Sell only below 17700 >>>>> Buy ITM 17750 PE (TGT 17650 | SL 17750) - Risky traders can TGT 17620.
Things to account for 25 April 2023:
1. Quarterly corporate earnings report for several companies:
Bajaj Auto, HDFC Asset Management Company, Nestle India, Tata Consumer Products, Anant Raj, AU Small Finance Bank, Dalmia Bharat, Elecon Engineering, Lloyds Metals and Energy, Mahindra CIE Automotive, Mahindra Lifespace Developers, Meghmani Finechem, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Rallis India, Tata Steel Long Products and VST Industries
2. Indusind Bank declared net profit jump of 46%
3. Mankind IPO launch today
Price Range1,026-1,080 OPEN 25-04-2023 CLOSE 27-04-2023 Issue Size 4,326.36 Cr
4. HDFC Bank: Monetary Authority of Singapore (MAS) has granted approval for the acquisition of shares in Griha Pte. by HDFC Bank due to the proposed amalgamation. As a result, HDFC Bank will acquire a 20 percent or more stake in Griha Pte. The proposed amalgamation is subject to receipt of final approvals from SEBI in respect of the change in control of certain subsidiaries of HDFC.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
Trade closed manually:
Made 20 points profit. Further upside seems risky. BETTER TO BOOK NOW @ 17780 as upside is weak and risky.