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Nifty Daily Chart - EoD 17-May-24

Market Overview – Last Week

Weekly :
Volatility: High
Trend: Range Bound
Momentum: Moderate

Daily:
Price: Above Base Line and Ichimoku Cloud
Trend: Bullish
Momentum: Moderate

Sectors OutPerformed Nifty 50:
– Auto
– Pharma
– Metal
– Energy
– Realty
– Infrastructure

Sectors UnderPerformed Nifty 50:
– IT
– FMCG
– Finance
– BankNifty
– Media

Nifty Future: Long Buildup
IV & HV: IV Grater than HV (19.8 < 9.62) IV increased from 18.47 last week
Support Level (OI): 22000 (No change since last week)
Resistance Level (OI): 22500 (decrese from 22800 last week)
Put-Call Ratio: 1.22 (increased from 0.67 last week)
Option Pain: 22450 (increased from 22100 last week)

Cash Market Data:
FII – Net Seller 10,557 Cr. (Net Seller last week 21,620 Cr)
DII – Net Buyer 14,563 Cr. (Net Buyer last week 17,368 Cr)

Future Market Data:
FII – Net Seller 5,409 Cr. (Net Buyer last week 7,223 Cr)

Observation:

1. Nifty Future: Long Unwinding, along with PCR at 0.65 decreased from 0.76 last week. An indication of bearish move
2. BankNifty Future: Long Buildup, indication of bullish move, PCR 0.95 increased from 0.64 last week. Price is still below Baseline but above cloud
3. Nifty chart showing Immediate Resistance around 22500
4. FII are net Seller in both Cash and in Future. DII are net Buyer in Cash segment. Overall neutral bias
5. Nifty PCR (Put-Call Ratio) is 1.22 significant increased since last week

Inference:

1. Nifty is in range-bound situation with low momentum. Immediate resistance around 22500. May remain in range of (22000-23000) level. Better to avoid any directional trade in short term
2. BankNifty is in range-bound situation, momentum is also moderate. Immediate resistance around 48500, increased from 48000. May remain in range (48000-49000). PCR at 0.95, increased from 0.64 last week. Better to avoid directional trade in short term until any confirmation is seen

Outlook & Strategy for the Week [ 29-Apr-24 to 03-May-24 ]

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