Important levels and FII Data Analysis
US closed nearly 1% down on Friday as a result SGX was down nearly 100 points
Cues of Early morning SGX is still 100 points down
US futures is trading 0.3% up but other Asian peers continue to be in the red trading 0.7 to 1% down.
Important levels for Nifty
Nifty saw a sharp recovery by closing on Friday lead by buying seein Reliance IT and PSU stocks.
Resistance and Support Levels for Nifty
Support 16950 Resistance 17150
Important Levels for Bank Nifty
Bank Nifty was comparatively stronger than Nifty the fundamentals of Indian Banks are far far better than US counterparts.
Support for BN 38920 Resistance for BN is at 39840
FII data Analysis
FIIs and Pros( Prop Desks) are bullish so any gap down opening will be bought with retails covering short positions. The clear trend will emerge after 10:30 If Reliance and HDFC Twins (NCLT has approved the merger) see buying this will help Nifty and BN to test Friday 17th March highs.
Support Resistance based on OI
Now it may not be a great idea to catch the first move could be volatile one can wait for data to build up and a clear trend will emerge after 10:30 am based on OI activity at 17000 and 39000 and 39500 BN strike prices.
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Sir,
Thanks for the analysis.
I also follow your telegram channel and learning slowly.
Welcome Tapesh, spreading knowledge is the only agenda !!!