11 June 2024

SGX Nifty is net 120 points up from Wednesday’s closing currently trading flat near 17250

US futures trading flat after running nearly 2% since Wednesday

Nifty Bank Nifty levels based on chart

Nifty Chart

A gap up opening and if we sustain above 17200 and break 17236 then we will head towards 17278 support is at 17168. Nifty would be buy on dips considering Nasdaq performance in last 2 days.

Bank Nifty Levels

Bank Nifty Chart

Bank Nifty has a small hurdle at 40136 if sustains above it will aim for 40500 BN support at 39890

FII data Analysis

FII data

FII data is less reliable on expiry but clear signs that FIIs have started reducing shorts which is also evident from the cash buying since last 3 consecutive days

Nifty Bank Nifty levels based on OI

Nifty OI

17000 has massive Pe writing and also significant call writing the CE writers at 17000 will be under pressure today. Leading to more SC ( Short covering) and the next hurdle will come near 17300

Bank Nifty OI

Bank Nifty has good number of PE writers at 40000 in comparison to CE writers if we are not able to sustain above 40240 then we may close near to 40000 by EOD but watching the global factors looks like the CE writers at 40000 will give and BN heads towards 40500

Stocks to watch

Pic Courtesy: CNBC TV 18

Happy Trading !!!

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