Experts suggest that if the Nifty 50 gives a decisive close above 25,500 or climbs above the upward-sloping resistance trendline, then a rally towards 25,800 cannot be ruled out. The immediate support lies at 25,200.
The Nifty 50 recorded a new closing high of 25,419, ending with moderate gains of 35 points on September 17. The positive bias in the momentum indicators, RSI and MACD, was a key driver. Experts suggest that if the index gives a decisive close above 25,500 or climbs above the upward-sloping resistance trendline, then a rally towards 25,800 cannot be ruled out. The immediate support lies at 25,200. Below are 15 data points we have collated to help you spot profitable trades:
Here are 15 data points we have collated to help you spot profitable trades:
- Key Levels For The Nifty 50
Resistance based on pivot points: 25,438, 25,460, and 25,494
Support based on pivot points: 25,370, 25,349, and 25,315
Special Formation: The Nifty 50 reported a Doji candlestick pattern formation on the daily charts at the high, indicating indecision among buyers and sellers regarding the future market trend. The index sustained above all key moving averages and traded near the upward-sloping resistance trendline adjoining previous swing highs.
- Key Levels For The Bank Nifty
Resistance based on pivot points: 52,262, 52,309, and 52,385
Support based on pivot points: 52,110, 52,063, and 51,987
Resistance based on Fibonacci retracement: 52,561, 53,352
Support based on Fibonacci retracement: 51,643, 50,583
Special Formation: The Bank Nifty continued its upward journey, forming higher highs and higher lows for the fourth consecutive session. It formed a bearish candlestick pattern with upper and lower shadows on the daily charts, indicating volatility. The index remained above the 52,000 mark, closing 36 points higher at 52,189.
- Nifty Call Options Data
According to the weekly options data, the 26,000 strike holds the maximum open interest (with 1.07 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 26,500 strike (66.82 lakh contracts) and the 25,500 strike (47.47 lakh contracts).
Maximum Call writing remained at the 26,000 strike, which saw an addition of 11.18 lakh contracts, followed by the 25,800 and 26,500 strikes, which added 7.33 lakh and 6.61 lakh contracts, respectively. The maximum unwinding was seen at the 26,100 strike, which shed 7.25 lakh contracts, followed by the 25,000 and 25,400 strikes, which shed 3.52 lakh and 1.87 lakh contracts, respectively.
- Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 25,000 strike (with 60.69 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 25,200 strike (46.27 lakh contracts) and the 25,300 strike (45.79 lakh contracts).
The maximum Put writing was observed at the 25,400 strike, which saw an addition of 10.32 lakh contracts, followed by the 25,300 and 24,700 strikes, with 8.13 lakh and 3.54 lakh contracts added, respectively, while the Put unwinding was seen at the 24,500 strike, which shed 1.66 lakh contracts, followed by the 24,800 strike, which shed 73,250 contracts.
- Bank Nifty Call Options Data
According to the weekly options data, the 53,000 strike holds the maximum open interest, with 34.85 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 52,500 strike (34.4 lakh contracts) and the 53,500 strike (26.34 lakh contracts).
Maximum Call writing was visible at the 52,500 strike (with the addition of 13.87 lakh contracts), followed by the 53,500 strike (9.81 lakh contracts) and the 52,300 strike (8.57 lakh contracts), while the maximum unwinding was seen at the 52,000 strike, which shed 2.44 lakh contracts, followed by the 51,500 and 51,900 strikes, which shed 1 lakh and 66,960 contracts, respectively.
- Bank Nifty Put Options Data
On the Put side, the maximum open interest was seen at the 52,000 strike (with 36.11 lakh contracts), which can act as a key support level for the index. This was followed by the 51,000 strike (32.51 lakh contracts) and the 51,500 strike (27.01 lakh contracts).
The maximum Put writing was observed at the 52,000 strike (which added 17.53 lakh contracts), followed by the 52,200 strike (8.92 lakh contracts) and the 51,700 strike (7.17 lakh contracts), while there was hardly any Put unwinding seen.
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Funds Flow (Rs crore)
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Put-Call Ratio
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 1.3 on September 17, from 1.26 levels in the previous session.
The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.
- India VIX
Volatility sustained below all key moving averages and stayed under the 13 level, although it bounced back after a three-day downtrend, which overall favoured the bulls. The India VIX increased by 1.04 percent to 12.59, up from 12.46 levels.
- Long Build-up (30 Stocks)
A long build-up was seen in 30 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.
- Long Unwinding (47 Stocks)
47 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.
- Short Build-up (66 Stocks)
66 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.
- Short-Covering (41 Stocks)
41 stocks saw short-covering, meaning a decrease in OI, along with a price increase.
- High Delivery Trades
Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.
- Stocks Under F&O Ban
Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.
Stocks added to F&O ban: Biocon, Punjab National Bank
Stocks retained in F&O ban: Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Birlasoft, GNFC, Granules India, Hindustan Copper, LIC Housing Finance, RBL Bank
Stocks removed from F&O ban: Chambal Fertilisers and Chemicals
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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