MCX Support & Resistance Level

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Indices trade higher, Nifty around 10,900; Indiabulls Housing, DHFL most active

  

MARKET OPENS Equities have begun the week on a good note, with the Nifty surging to 10,900-mark. 

The Bank Nifty, too, has seen a positive opening, up around half percent in early morning trade. 

The Sensex is up 165.73 points or 0.46% at 36242.45, while the Nifty is higher by 52.60 points or 0.48% at 10912.50. The market breadth is positive as 407 shares advanced, against a decline of 107 shares, while 25 shares were unchanged.

Other sectoral gainers include automobiles, metals, and pharmaceuticals, among others. The Nifty Midcap index has opened around half a percent higher. 

IndusInd Bank, State Bank of India, Indiabulls Housing and Hindalco have gained the most, while Kotak Mahindra Bank, Power Grid, and NTPC were the big losers.

RUPEE OPENS The Indian rupee has opened at 69.80 per US dollar against previous close of 69.94 per dollar.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-trade-higher-nifty-around-10900-indiabulls-housing-dhfl-most-active-3337721.html

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Opening Bell

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Strong rally likely in January series as long as Nifty trades above 10,800

The Nifty50 started off in the negative zone at the beginning of the week following global peers. However, strong recovery in the latter half helped Nifty close in positive after two sessions of losing streak.

On the daily chart, a piercing candlestick pattern has formed, which suggests a bullish reversal of the short trend. A long lower wick in the latest candle indicates strong demand around 10,500.

On the other hand, even after a strong recovery, the strength indicator RSI (14) remained in the bearish crossover which means the momentum is still bearish.

On the options front, maximum open interest position is visible in 11,000 CE (45.13Lakh shares) and 10,000 PE (53.31Lakh shares); whereas, significant writing at 10,500 PE (7.25Lakh shares) and at 10,600 PE (7.15Lakh shares) pushed the index upward for the day.

Going forward, 10,600 and 10,500 would act as crucial support for the falling Nifty. On the higher end, immediate resistance is visible at 10,770-10,800 where 200DMA is lying. Sustained trades above 10,800 may induce further strong rally in the market.

Source: https://www.moneycontrol.com/news/business/markets/decoding-fo-data-strong-rally-likely-in-january-series-as-long-as-nifty-trades-above-10800-3332441.html

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Nifty forms 'Hammer' pattern on weekly charts, next crucial target seen at 10,985

The market started off January series on a strong note with the Nifty50 closing above 10,850 levels amid thin trade, extending gains for third consecutive session on Friday. Positive lead from Wall Street and rally in banking & financials stocks lifted investor sentiment.

The index formed bullish candle on the daily charts and 'Hammer' kind of pattern on the weekly scale. It closed a percent higher during the week.

A Hammer which is a bullish reversal pattern is formed after a decline while a Hanging Man is a bearish reversal pattern. A Hammer consists of no upper shadow, a small body, and long lower shadow.

The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back.

After the sharp run in last three sessions, the market is expected to consolidate in coming session, but if its upmove continues then the Nifty50 could move towards its psychological 11,000 levels, experts said.

The Nifty50 after opening sharply at 10,820.95 extended gains as the day progressed and touched an intraday high of 10,893.60. A bit of profit booking was seen in late trade but the index did not break 10,850 levels. It closed 80.10 points higher at 10,859.90.

"Nifty index opened positive and witnessed buying interest towards 10,900 zones. It formed a Bullish candle on daily scale and Hammer candle on weekly scale which implies decline is being bought into the market," Chandan Taparia, Associate Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited told Moneycontrol.

He said now till the index holds above 10,750-10,777 zones it can extend it move towards crucial hurdle of 10,985 levels while on the downside support exists at 10,777 levels.

India VIX fell by 4.98 percent to 15.27 levels.

On the option front, maximum Call open interest (OI) was at 11,200 followed by 11,000 strike while maximum Put OI was at 10,500 followed by 10,000 strikes.

Call writing was seen at 11,200 followed by 10,900 strike while Put writing was seen at 10,800 followed by 10,900 strike. Option band signifies a broader trading range in between 10,650 to 11,000 zones.

Bank Nifty traded in narrow range of 27,050-27,250 zones for most part of the trading session. It formed an Inside Bar on daily scale and Hammer candle on weekly scale which suggests buying is visible at lower levels. The index closed at 27,125.25, higher by 246.70 points from previous close.

"Now till it holds above 26,850 zones it can extend its move towards 27,350 then 27,500 levels while on the downside major support exists at 26,666 zones," Chandan Taparia said.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-hammer-pattern-on-weekly-charts-next-crucial-target-seen-at-10985-3334201.html

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MCX SUpport and Resistance Level

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Financials' rally boosts Sensex by over 300 points; Nifty eyes 10,900

Market opens The Nifty has begun January series above 10,800, while the Sensex is higher by over 150 points. 

All sectoral indices, barring metals, are trading in the green, with maximum gains visible among banks, pharmaceuticals and automobiles. The Nifty Midcap index is up half a percent.  

The Sensex is up 163.11 points or 0.46% at 35970.39, while the Nifty is higher by 46.90 points or 0.44% at 10826.70. The market breadth is positive as 318 shares advanced, against a decline of 107 shares, while 23 shares were unchanged.

Asian Paints, Vedanta, Titan and Yes Bank gained the most, while Coal India, ONGC and BPCL lost the most. 

RUPEE OPENS The Indian rupee opened higher/lower at 70.05 per US dollar. This is an appreciation of 30 paise in the currency market.

Source: https://www.moneycontrol.com/news/business/markets/market-live-financials-rally-boosts-sensex-by-over-300-points-nifty-eyes-10900-3331801.html

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