Nifty And Banknifty Daily Report…!!!

Nifty On Daily Chart

After 17250, the Nifty is likely to continue this weakness towards
the psychological level of 17000; where one need to reassess the
situation. On the flipside, 17500 – 17650 are now to be considered
as immediate hurdles. Traders are advised to use in between
recoveries to lighten up longs and don’t be in a hurry to make
bottom fishing.

Key Levels
Support 1 – 17300 Resistance 1 – 17500
Support 2 – 17250 Resistance 2 – 17650

: Nifty Bank Daily Chart

Post a long weekend, the bank nifty started on a positive note in fact
above the Thursday’s high. However, it slipped lower right from the
word go and the selling pressure got intense to break one by one key
support levels with ease to mark an intraday low of 36655. Eventually,
with some modest recovery in the fag end the bank index ended with
a loss of 2.23% tad at 37129.
The bank nifty has been a clear under performer and the way it slipped
yesterday the bears are definitely in strong momentum. Since we have
already witnessed a decent correction from all time high in a short
span of time the oscillators are in oversold territory hence we may see
some in between bounce. However as highlighted above the
momentum is gripped by bears and the bounce are likely to be short
lived. Hence, we advise to lighten up longs in case we see any bounce.
In such scenario, immediate resistance can be seen around 37600 –
37800 levels. On the flip side, support is at 36600 and 36200 levels.

Key Levels
Support 1 – 36600 Resistance 1 – 37600
Support 2 – 36200 Resistance 2 – 37800




 The Nifty futures open interest has increased by 1.78%.
and Nifty futures open interest has increased by 6.90%
as market closed at 17416.50 levels.
 The Nifty November future closed with a premium of
18.50 point against a premium of 28.1 point in last
trading session. The December series closed at a
premium of 67.95 point.
 The INDIA VIX increased from 14.87 to 17.51. At the same
time, the PCR-OI of Nifty has decreased from 0.78 to
 Few of the liquid counters where we have seen high
and BHEL.

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