18 June 2024

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 chart

Nifty looks bullish with support at 17025 and resistance at 17160 Weakness if market sustains below 17080

Bank Nifty Levels

Bank Nifty Chart

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

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

OI levels Nifty

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

OI Levels Bank Nifty

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

Source: CNBC TV18

Have a profitable day ahead and wishing you a ☘️Happy Gudi Padwa ☘️

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