NIFTY50 takes breath but bullish are still strong....

    

NIFTY50:

The Nifty50 on Wednesday opened higher at 14,240.95 and hit an intraday high record at 14,244.15 in early trade itself. The nifty50 index is remained volatile, but wiped out all gains and hit a days low at 14,039.90 in the noon. It recouped more than half of its losses in the last hour of trade and closed  lower at level 14,146.30 down 53.25 points or 0.38 per cent.

Nifty50 once again smartly recoiled from the intraday lows of 14,039 levels which depicted a hanging man formation on candlestick charts. Though this kind of formation is a warning sign for bullish in recent times it has failed on multiple occasions. Better confirmation of bearish will occur only when the index breaches its near term critical support of 13,950 levels on a closing basis.Hence, in the next trading session if bullish manage to up the index beyond 14,244 levels then the on going upswing shall expand towards 14,450 levels. In case bullish fail to get past 14,244 levels then the index may witness sideways consolidation between 14,240 – 14,000 levels, analyst said.

Option data indicated that the Nifty could see an immediate trading range of 14,000 to 14,400 levels in coming sessions.

On options trade, maximum Put option open interest was at 13,000 followed by 13,500 strike while maximum Call options open interest witnessed at 14,000 followed by 14,500 strike. Minor Call option writing was seen at 14,200 then 14,500 strike while Put  option writing was seen at 13,800 then 13,500 strike.

BANK NIFTY:

Bank Nifty opened positive at 31,839.95 level, but failed to surpass 32,000 and moved in a broader range with support at 31,500 level. It out performed the Nifty index and gave the highest daily close of the last 244 trading sessions.The  bank nifty index  to close at 31,797.90 up 75.65 points or 0.24 per cent . Now it has to continue to hold above 31,500 to witness an up move towards 32,000 and 32,500 levels, while on the downside support is seen at 31,200 and 31,000 levels, analyst said.

TOP 5 GAINERS AND LOSERS:

GAINERS:POWERGRID GAIL, HINDALCO, SHREECEM and BHARTIARTL.

LOSERS:ITC PELIANCE, AXISBANK,BAJFINANCE and HCLTECH