The Nifty Index opened on a flat note at 24560 and experienced volatility during the initial hour, briefly dipping to an intraday low near 24530. Thereafter, the index recovered and traded within a narrow range of approximately 120 points for the rest of the session. It eventually closed with gains of around 80 points, ending the day near its 20 DEMA. Now it has to cross and hold above 24700 zones for an up move towards 24800 then 25000 zones else weakness could be seen towards 24500 then 24300 zones.
On option front, Maximum Call OI is at 25000 then 24600 strike while Maximum Put OI is at 24600 then 24500 strike. Call writing is seen at 24600 then 24700 strike while Put writing is seen at 24600 then 24500 strike. Option data suggests a broader trading range in between 24200 to 25100 zones while an immediate range between 24300 to 24900 levels.
The S&P BSE Sensex opened on a flat note and witnessed volatile movements during the initial hour of trade. It subsequently recovered from the support zone near 80700 and managed to settle close to the 81000 mark, ending the session with gains of approximately 260 points. On the daily chart, the Sensex formed an Inside Bar candle pattern, suggesting a phase of range bound momentum in the near term. Now it has to cross and hold above 81200 zones for an up move towards 81500 then 81800 zones else weakness could be seen towards 80700 then 80500 zones.
The Bank Nifty Index displayed a consolidative phase today, opening on a positive note but unable to sustain its early gains, drifting towards the 55400 zones in the initial hour. A mild recovery was observed, bringing the index back towards the 55700 levels. Throughout the latter part of the session, the Index traded within a narrow range of approximately 200 points, indicating a period of consolidation. It formed a Doji kind of pattern with a long lower shadow on the daily chart suggests buying interest at lower levels, while the absence of momentum at higher zones to a lack of strong upward momentum. Now it has to hold above 55500 zones for an up move towards 56000 then 56161 levels while on the downside support is seen at 55250 then 55000 zones.
Nifty future closed positive with gains of 0.19% at 24721 levels. Positive setup seen in PB Fintech , APL Apollo Tubes, IRFC, PI Industries, SRF, KEI Industries, SBI Cards, Jio Financial services, Samvardhana Motherson, Eternal, Concor and RVNL while weakness in Cholamandalam Finance, Varun Beverages, Axis Bank, Patanjali Foods, Lupin, JSW Steel, Biocon , Voltas, Bajaj FinServ and Titan.
PPLPHARMA - TECHNICAL CALL OF THE DAY
Stock has been consolidating and is expected to give a breakout of the falling channel pattern as can be seen in the chart attached. The RSI levels are also near the oversold zone and the stock is attempting to make a positive RSI divergence pattern on daily charts.
BUY PPLPHARMA CMP 205.94 SL 200.00 TGT 215.00
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REC:
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