Nifty Closes Higher Despite Rangebound Trading, Support Zone Holds
Nifty Futures Chart
Nifty opened on a flat note and consolidated for most part of the day. It was during the last hour of the trading session that the Nifty witnessed a sharp surge and closed the day well in the green up 32 points. More importantly, the Nifty has held on to the crucial support zone of 21900 – 21850 which coincided with the 20-day moving average and the 50% Fibonacci retracement level of the rise from 21530 – 22249. Prices are broadly trading in the range 21800 – 22300 since last nine trading sessions and the momentum setup on the daily and hourly time frame is providing divergent signals which makes a case for the rangebound action to continue. The index is still not out of the woods and it is likely to witness volatile action going ahead. In terms of levels, 21860 – 21800 shall act as a crucial support zone while 22230 – 22250 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 Adani Enterprises, Adani Ports,Indusind Bank, Tata Consumer Product, Britannia Industries.
Top Nifty Losers
Top Nifty losers were Apollo Hospital, Bajaj – Auto, LTIMindtree, Eicher Motors & UPL
Bank Nifty Pullback Expected as Support Holds
Bank Nifty Futures Chart
Bank Nifty has held on to the support zone of 45800 – 45600 and witnessed a recovery. Until today’s low (45660) is not breached we expect the pullback to continue till 46750 – 46900.
Bank Nifty Options CE Chart
Bank Nifty Options PE Chart
Top Bank Nifty Gainers
Top Bank Nifty Gainers were Indusind Bank, Bank of Baroda, PNB, SBIN & ICICI Bank.
Top Bank Nifty Losers
Top Bank Nifty losers were Axis Bank, HDFC Bank & Au Bank.
