Resistance Bites Back: Is the Nifty Heading Lower
Nifty Futures Chart
Nifty opened on a positive note however as the day progressed the Nifty drifted lower and closed in the negative down 212 points. On the daily charts we can observe that the Nifty has witnessed a sharp decline from the resistance zone 22000 – 22050. Despite multiple attempts the Nifty has been unable to surpass the resistance zone. On the downside the 20-day moving average (21694) has been providing support. The hourly momentum indicator has triggered a negative crossover while the daily is still in buy mode and thus providing divergent signals. This could lead to consolidation from short term perspective. Overall, we expect the consolidation to continue with negative bias. On the downside, the Nifty can drift towards 21500 – 21435 zone where support parameters in the form of 40-day average is placed.
The biggest gainers of the session on the Nifty 50 were State Bank Of India (NS:SBI), which rose 3.60% or 24.30 points to trade at 699.55 at the close. Power Grid Corporation of India Ltd (NS:PGRD) added 3.08% or 8.25 points to end at 276.20 and Bharat Petroleum Corp. Ltd. (NS:BPCL) was up 3.06% or 18.45 points to 620.50 in late trade.
Biggest losers included Britannia Industries Ltd (NS:BRIT), which lost 3.99% or 202.70 points to trade at 4,875.55 in late trade. ITC Ltd (NS:ITC) declined 3.99% or 17.25 points to end at 414.55 and Kotak Mahindra Bank Ltd. (NS:KTKM) shed 3.51% or 62.90 points to 1,729.70.
Nifty Options CE Chart
Nifty Options PE Chart
Top Nifty Gainers
Top Nifty gainers were State Bank of India , Bharat Petroleum Corporation, Power Grid, Coal India and Hindalco Industries
Top Nifty Losers
Top Nifty losers were Britannia Industries, ITC, Kotak Mahindra Bank, ICICI Bank, Axis Bank
Bank Nifty Crumbles: Brace for Lower Levels as Support Fails
Bank Nifty Futures Chart
Bank Nifty witnessed a sharp decline and closed deep in the red. The consolidation of the last three trading sessions has been breached on the downside. We expect the weakness to persist and expect the Bank Nifty to drift towards 44430 – 44000 from short term perspective. On the upside 45500 – 45600 shall act as an immediate hurdle.
Biggest losers on the BankNifty were AU Small Finance Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank and IDFC Bank, while gainers were State Bank of India ,Bank of Baroda and Punjab National Bank.
Bank Nifty Options CE Chart
Bank Nifty Options PE Chart
Top Bank Nifty Gainers
Top Bank Nifty gainers were State Bank of India ,Bank of Baroda and Punjab National Bank
Top Bank Nifty losers
Top Bank Nifty losers were AU Small Finance Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank and IDFC Bank
