Yesterday Short Covering in FINNIFTY lead to sharp rise in Bank Nifty and FINNIFTY while NIFTY was majorly pulled by Reliance
SGX is indicating a flat opening
Nifty levels
Nifty looks bullish with support at 17025 and resistance at 17160 Weakness if market sustains below 17080
Bank Nifty Levels
Heavy call writing at 40000 indicates upside limited, if buying in PSU banks continues and we break 40080 then further upmove possible Support 39680 Resistance 40060-80 zone
FII DII Pro data analysis
FII data is bullish while retail traders are heavily short so the positive opening will lead to more upmove while the retail cover the shorts atleast 30-40 points upmove expected in Nifty and 120-150 points in BN
OI based support and resistance for Nifty BN
PE writing at 17000 while CE writing at 17200 can be seen PCR currently at 0.88 can hit 1 in todays session which means more PE writing and lesser CE writing Max pain at 17100
Bank Nifty PCR is above 1 with heavy PE writing at 39500 and CE writing at 40000 Max Pain for BN is at 39700 where the option writer would make biggest money. Fall if any will be triggered by Bank Nifty
Global Market Updates
Have a profitable day ahead and wishing you a ☘️Happy Gudi Padwa ☘️
