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Trade setup for today: Expected to continue the bullish trend in the market today, enthusiasm will increase after crossing the registration mark of 22300

Stock Market Today Trade Setup F

Trade setup: Given the formation of the Bullish Hammer candlestick pattern (bullish reversal pattern formed on a downtrend) on the daily chart and strong intraday trend reversal in the last trading session, the market is expected to continue its uptrend today. Market experts say that in this uptrend, Nifty may have to face resistance at upper levels of 22,200-22,300. If Nifty manages to close strongly above 22,300, then the rise can move towards 22,500-22,600. On the downside, support for Nifty is seen at the level of 22,000-21,900.

There was a rise in the market on May 13. BSE Sensex closed 112 points higher at 72,776, while Nifty closed 49 points higher at 22,104 after recovering 283 points from the day’s low.

Vinay Rajani of HDFC Securities says that the upper level of 22,300-22,320 can act as a resistance for Nifty, while the lower level of 21,821 recorded on May 13 will act as support for Nifty in the short term.

Here we are giving you some such figures based on which it will be easy for you to catch profitable deals.

Key support and resistance levels for Nifty

The first resistance for Nifty is located at 22,138 and after that, the other major resistances are located at 22,211 and 22,330. If the index moves downwards, it may get support at 21,900, then 21,827 and 21,708.

bank nifty

The first registration for Nifty Bank is located at 47,854 followed by other major registrations at 48,057 and 48,385. If the index moves downwards, it may get support at 47,198, then 46,996 and 46,668.

call option data

Every week, maximum call open interest of 62.81 lakh contracts has been seen at the strike of 23,000 which will act as an important resistance level in the coming trading sessions. The highest call writing was seen at the strike of 22,600. 11.33 lakh contracts were added to this strike. The highest call unwinding was seen at the strike of 23,000.

put option data

Maximum Put Open Interest of 57.55 lakh contracts has been seen at the strike of 21,000 which will act as an important support level in the coming trading sessions. Put writing was seen at the strike of 21,800. 13.79 lakh contracts were added to this strike. The highest put unwinding was seen at the strike of 22,000.

Stocks with high delivery percentage

A high delivery percentage shows that investors are showing interest in the stock. The highest deliveries were seen in F&O stocks like Ipca Laboratories, HCL Technologies, Dabur India, Infosys, and SBI Life Insurance Company.

Long build-up seen in 64 stocks

An increase in open interest as well as a rise in prices usually indicate the creation of a long position. Based on the open interest future percentage, a long build-up was seen in 64 stocks on the last trading day, among them Cipla, Astral, Siemens India, Aditya Birla Capital, and Dr. Lal PathLabs.

Long unwinding seen in 23 stocks

Long unwinding is usually predicted by a fall in open interest as well as a fall in prices. Based on the open interest future percentage, the 23 stocks that saw maximum long unwinding on the last trading day include the names of Hindustan Copper, Hero MotoCorp, Maruti Suzuki India, State Bank of India, and Punjab National Bank.

Short build-up seen in 37 stocks

A short build-up is usually indicated by an increase in open interest as well as a fall in prices. Based on the open interest future percentage, the 37 stocks that saw the highest short build-up on the last trading day include Piramal Enterprises, Tata Motors, Dixon Technologies, Bharat Electronics, and Shriram Finance.

Short covering seen in 62 stocks

Short covering is usually inferred from a fall in open interest coupled with a rise in prices. Based on the open interest future percentage, the names of 62 stocks that saw maximum short covering on the last trading day include JK Cement, Gujarat Gas, Jindal Steel & Power, Bank of Baroda, and ABB India.

put call ratio

The Nifty Put Call Ratio (PCR) is an indicator of the mood of the equity market. The Nifty Put Call ratio increased to 0.97 on May 13, which was 0.91 in the previous session. Let us tell you that a PCR above 1 indicates that traders are buying more put options than calls, which generally indicates an increase in bearish sentiment.