Nifty Daily Chart - EoD 12-Jul-24
Market Overview – Last Week
Weekly :
Volatility: Moderate
Trend: Bullish
Momentum: Moderate
Daily:
Price: Above Base Line and Ichimoku Cloud
Trend: Bullish
Momentum: Moderate
Sectors OutPerformed Nifty 50:
– IT
– FMCG
– Pharma
– Energy
– Media
– Infrastructure
Sectors UnderPerformed Nifty 50:
– Auto
– Metal
– Realty
– Finance
– BankNifty
Nifty Future: Long Buildup
IV & HV: IV greater than HV (13.73 < 5.61) IV increased from 12.7 last week)
Support Level (OI): 24000 (same since last week)
Resistance Level (OI): 25000 (same since last week) Put-Call Ratio: 1.04 (increased from 1.0 last week)
Option Pain: 24400 (increased from 24250 since last week)
Cash Market Data:
FII – Net Buyer 3,844 Cr. (Net Buyer last week 6,875 Cr)
DII – Net Buyer 5,390 Cr. (Net Seller last week 385 Cr)
Future Market Data:
FII – Net Seller 4,175 Cr. (Net Buyer last week 2,916 Cr)
Observation:
1. Nifty Future: Long Buildup along with PCR at 1.04 increased from 1.0 last week. Gives an indication of bullish trend
2. BankNifty Future: Long Unwinding, indication of a pause, PCR at 0.78 increased from 0.71 last week. Price is still above Baseline & cloud
3. Nifty chart showing a bullishness, last Resistance broken around 24000
4. FII are net Buyer in Cash but net Seller in Future. DII are net Buyer in Cash segment. Overall bullish bias
5. Nifty PCR (Put-Call Ratio) is 1.04 increased since last week to confirm the bullish bias
Inference:
1. Nifty is at all time high with moderate momentum. Immediate resistance was tested and broken around 24000 as per Open Interest. May remain in range of (24000-25000) level. Better to avoid any bearish trade in short term
2. BankNifty has still bullish bias, momentum is moderate. Immediate resistance at around 53000. May remain in range (52000-53000). PCR at 0.78, increased from 0.71 last week. Better to avoid bearish trade in short term until any confirmation is seen
Outlook & Strategy for the Week [ 15-Jul-24 to 19-Jul-24 ]
Nifty – Nifty looks bullish in short term with an immediate support at 24000 and resistance around 25000. Price above the cloud. Better to take a bullish strategy in short term with appropriate risk management until a clear direction is seen
BankNifty – BankNifty still has bullish bias although momentum is moderate, price is above the Baseline & Cloud. PCR increased since last week, support can be expected around 52000. Avoid any bearish strategy in short term
Bullish Bias:
– IT, FMCG, Pharma, Energy, Media and Infrastructure have bullish bias
Bearish Bias:
– Auto, Metal, Realty, Finance and BankNifty have bearish bias
Good for Bullish Strategies:
– Tech Mahindra
– Axis Bank
– Naukri
Good for Bearish Strategies:
– OBEROIRLTY
– UBL
– DLF
Good for RangeBound Strategies:
– Tata Chemical
– RBL Bank
– IDFCFIRSTB
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