18 June 2024

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

Pic Courtesy: @vish107

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

Support at 17000 and Resistance at 17200 PCR 0.87
Support at 39500 Resistance at 40000

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.

Do leave your comment/feedback I plan to share such analysis Daily.

2 thoughts on “Important levels for Nifty BankNifty and FII data for 20 March 2023

Leave a Reply

Your email address will not be published. Required fields are marked *