Nifty

Test 1 -Nifty settles above 9,300 levels. Read today’s Nifty and Bank Nifty levels along with top pick of the day.

24th April 2020

 

Nifty witnessed an extension of a pullback on the technical chart and finally settled above 9300 on weekly expiry. Also, Bank Nifty too showed strength and closed above 20250 levels. Banking and IT stocks were among the top gainers.

Indian stock market ended the day with a healthy gain due to support by rally in banks, financials and IT stocks on the weekly F&O expiry. The BSE Sensex ends up by 483 points or 1.54% and closed at 31863. The NSE Nifty 50 index also closed above 9,300 marks at 9,313 up by 1.4 percent.

Kotak Mahindra Bank emerged as the top index gainer, with a gain of over 9 percent in a single day.

The market breadth was in favor of buyers. Around 1,151 stocks on the National Stock Exchange ended the day with gains while 638 declined. On the sectoral front, the Nifty Bank and the Nifty I.T. Index gained 2.6 and 4 percent respectively, while Nifty FMCG was the top loser with 1.37 percent fall in the previous trading session.

 

Technical View for today

Nifty

 
Nifty extended its pullback rally and hold 9300 on a closing basis. Technically, we have a bull bias considering 8940-9004 as a major support zone.The sustainability of this move will entirely depend on the government measures to boost the economy and industries also.

According to Open Interest Data, Maximum Call open interest stand at 10000 followed by 9500 and Put at 9000 followed by 8500 suggests us a broad trading range for the index. Valuation wise maximum Call Stand at 9500 & Put stands at 9000 indicates the crucial range for the index. PCR stands at 9000 validate it as a strong support level. Writing input and call option indicates indecisive move ahead

Technical Charts
Nifty Technical chart

 

Now, what next???

Nifty has strong support at 8940 levels while upside resistance comes at 9500.
Trading above 9500 may lead price to 9700-9940; else it may test its support of 9040-8940 on the downside.

Nifty Future strategy for the day

Support 9150, Resistance 9350

Either side of the breakout will give 100—150 points in the respective direction.

Bank Nifty

On the other hand, Bank Nifty beats the benchmark indices today in performance. Kotak bank was a major performer among other banking stock. It climbed approx 9 % in a day on the news of the approval of raising of capital by different ways of issue of equity shares.

 

Technical chart
Bank Nifty Technical chart

 

Now, what next???

Technically, it seems that the Index may trade between the range of 17500 to 21500 unless and until we get either side breakout.

 

Bank Nifty Future strategy for the day

 

Support at 19500 and Resistance at 20500

Either side of the breakout will give 500—700 points in the respective direction.

Traders can trade safely with levels only. More will update during market hours.

 

Open Interest Data
Open Interest Data

Sector Update

Nifty IT looks bullish on the Technical chart
Nifty It Technical Chart
Nifty It Technical Chart

As expected Nifty Media performed well again in the previous sessions. For upcoming trading session Nifty IT looks highly bullish on the daily chart. We have seen a strong closing above its resistance level of 13000.

Now we will expect it to touch 13800 and then to 14200 levels in days to come. SUpport around 12200, break and close below 12200 will see a fresh negative move to 11500 levels in this sector.

 

Stocks like INFY and NIIT Tech looks positive on the charts. So, traders can do buying on the dips in these stocks for upcoming days.

 

Top Stock recommendation for today’s (24th April 2020) along with Technical charts of the same.

 

 

INFY (Future)

Infy Technical chart
Infy Technical chart

 

Stock is trading in a consolidation after a v shape recovery and looks positive on the chart. Therefore we are expecting a good upside move in it.

Traders can buy above 683 with a stop loss below 665 on a closing basis for an upside target of 720 +++ levels in days to come.

HDFC LIFE ( Future )

HDFC Life

 

HDFC Life Technical Chart
HDFC Life Technical Chart

 

After a sharp upside rally, the stock is consolidating on the top of the chart. Currently, we will expect a downside breakout in this stock.

Traders can sell below 487 with a stop loss above 505 on a closing basis for a downside rally of 465—455 levels in the coming days.

 

CRISIL (Cash)

Crisil Recommendation

Crisil Chart
Technical Chart


The stock formed a bullish pattern with good volume on the daily chart. So we will expect sharp positive move-in days to come.

Traders can do buying above 1500 for the sharp upside move till 1650 and then to 1700 levels in days to come. Support and stop loss below 1350 on a closing basis.

 

Read our yesterday’s Nifty and Bank Nifty update, Click here!

 

 


Cash Segment profit

 

 

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