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Published on 16-04-2024 10:24 am

Conclusion:

The short-term trend of Nifty continues to be weak. The next lower levels to be watched around 22000. Immediate resistance is at 22400 levels.

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Published on 16-04-2024 10:24 am

Daily Technical View on Nifty

Sharp downside breakout..

Observation: 

After showing a steep weakness on Friday, Nifty witnessed sharp follow-through decline on Monday and closed the day lower by 246 points. After opening with a downside gap of 180 points, Nifty showed minor upside recovery from the lows in the early mid part of the session. The market was not able to sustain the upside recovery in the mid to later part, as it slipped into further weakness and finally closed near the lows. The opening downside gap remains unfilled.

A reasonable negative candle was formed on the daily chart with gap down opening. Technically, this pattern indicates short term top reversal and signals more weakness in the near term.

The larger degree positive chart pattern like higher tops and bottoms is intact on the weekly chart and present weakness could be in line with the formation of new higher bottom of the pattern.

Still there is no confirmation of any higher bottom reversal yet at the lows. Nifty is currently nearing weekly 10 period EMA around 22200 levels. The said moving average has offered supports for the market in the last few months.

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Published on 16-04-2024 10:23 am

BankNifty 

Bank Nifty opened with a downward gap, and consistent selling pressure throughout the session led it to close near the day's low. Bank Nifty closed at 47773 on April 15th, recording a loss of 791 points. On the daily chart, the index formed a sizable bearish candle with lower highs and lower lows compared to the previous session, and closed below the previous session's low, indicating further weakness. However, on the daily chart, the index continues to move in a higher top and higher bottom formation, suggesting a positive bias in a medium term. The chart pattern suggests that if Bank Nifty crosses and sustains above 47900, it could witness buying that may lead the index towards 48000 to 48200. Important support for the day is around 47650. If the index sustains below this level, it could experience profit booking, leading the index towards 47450 to 47350. Bank Nifty is trading above the 20-day, 50-day, 100-day, and 200-day simple moving averages, indicating a positive bias in the medium term. Bank Nifty remains in an uptrend in the medium and long term, making buying on dips our preferred strategy. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line, indicating a profit booking. The trend-deciding level for the day is 47920. If Bank Nifty trades above this level, we may witness a further rally up to 48110 to 48450, and possibly 48640. However, if Bank Nifty trades below 47920, there may be profit booking, which could correct Bank Nifty down to 47580, 47390, or even 47050

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Published on 16-04-2024 10:22 am

Nifty

Nifty opened with a downward gap, and consistent selling pressure throughout the session led it to close near the day's low. Nifty closed at 22273 on April 15th, marking a loss of 247 points. On the daily chart, the index formed a bearish candle, creating a lower high and lower low, and closed below the previous session's low, indicating further weakness. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a sustained uptrend in a medium term. The chart pattern suggests that if Nifty crosses and sustains above 22350, it could witness buying that may lead the index towards the 22450 to 22500 range. Important support for the day is around 22200. However, if the index sustains below 22200, it may experience profit booking, taking the index towards 22100 to 22000. Nifty is trading above the 50-day, 100-day, and 200-day simple moving averages, indicating a positive bias in the medium term. Nifty continues to remain in an uptrend for the medium term, making buying on dips our preferred strategy. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line, indicating a profit booking. The trend-deciding level for the day is 22320. If Nifty trades above this level, we may witness a further rally up to 22380 to 22490, and possibly to 22550. However, if Nifty trades below 22320, there may be profit booking, which could correct Nifty down to 22210, 22150, or even 22045.

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Published on 16-04-2024 10:21 am

In Yesterday’s Trading Session FII's

Sold Index Futures to the tune of 3850 Cr,

Sold Index Option worth 31616 Cr,

Bought Stock Futures to the tune of 1209 Cr,

Bought Stock Options to the tune of 396 Cr,

Net Sold in the derivative segment to the tune of 18176 Cr.

In Cash Segment

FII Sold 3268 Cr & DII Bought 4763 Cr.

The India VIX index is at 12.47 vs 11.53, ATM CE IV 14.90 & PE IV 10.96

Index options PCR is at 0.8` vs 0.87 to its previous day closing.

Nifty Put options OI distribution shows that 22000 has the highest OI concentration followed by 22200 and 22300 which may act as support for current expiry.

Nifty Call options OI shows that 22700 has the highest OI followed by 22500 which may act as resistance for current expiry.

BankNifty Put options OI distribution shows that 47500 has the highest OI concentration followed 47800 which may act as support for the current expiry.

BankNifty Call strike 48000 followed by 48200 witnessed significant OI concentration and may act as resistance for the current expiry.

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