Nifty Trapped: Bulls and Bears Battle for Direction
Nifty Futures Chart
Nifty opened on a weak note and drifted lower during the day. It closed in the red down 90 points. On the daily charts we can observe that the Nifty has been in consolidation mode for since last four trading sessions. It is broadly trading in the range 21800 – 22300. The consolidation can continue until it decisively breaks out of the range. The Bollinger bands on the hourly time frame chart is contracting indicating that there could be further range-bound action going ahead.
The daily and hourly momentum indicator is providing divergent signals which can lead to a range-bound move over the next few trading sessions. The hourly moving averages placed in the range 22130 – 22100 shall act as an immediate crucial support while 22275 – 22300 shall act as an immediate hurdle zone from short term perspective.
Nifty Options CE Chart
Nifty Options PE Chart
Top Nifty Gainers
Top Nifty gainers were Larson & Turbo, PowerGrid, Adani Enterprises, Tata Consumer Product & SBI Life.
Top Nifty Losers
Top Nifty losers were Asain Paint, Apollo Hospital, Hindalco Industries, Divislab & Tech Mahindra.
Bank Nifty in a Tug-of-War: Bulls Charge for 47,000, Bears Defend Support!
Bank Nifty Futures Chart
Bank Nifty index experienced a tussle between the bulls and bears, resulting in a volatile trading session. Despite the volatility, the overall undertone remains bullish, contingent on the index holding the support levels around 46500-46400 on a closing basis. The immediate resistance on the upside is situated at 46800, and a decisive break above this level is anticipated to propel the index towards 47000, where the highest open interest is concentrated on the call side.
Bank Nifty Options CE Chart
Bank Nifty Options PE Chart
Top Bank Nifty Gainers
Top Bank Nifty Gainers were IDFC First Bank, HDFC Bank & Bank of Baroda.
Top Bank Nifty Losers
Top Bank Nifty losers were SBI, Federal Bank, ICICI Bank, IndusInd Bank & Kotak Mahindra Bank.
