Nifty resistance at 16740, remain positive if Bank Nifty holds 35000-35200; use correction to long – CASINOIN -Sports betting at the casinoin betting company,casinoin online betting, casinoin bookmaker line, casinoin bookmaker bonuses, casinoin bookmaker, casinoin bookmaker, casinoin sports betting, casinoin bookmaker, casinoin bookmaker,

By Sameet Chavan

The Indian equity market has witnessed a strong expiry session, wherein the timid opening led by weak Asian cues got bought into by the bulls of D-street. The splendid move was backed by broad-based buying that has boosted the overall market sentiments and has showcased the assertiveness among the participants. The benchmark index NSE Nifty 50 concluded the expiry session near the day’s high with gains of 0.64 percent and has reclaimed the 16600 level.

The technical structure construes to be encouraging, as the market has been hovering in a slender range for the last couple of trading sessions and is attracting buying interest at the lower levels. As far as levels are concerned, the unfilled gap on the downside of the 16370-16430 odd zone, which even coincides with the 21-DEMA, has already proved its mettle in providing a strong demand and is expected to yield immediate support. While on the contrary, the 200-DEMA placed near 16740 is likely to act as immediate resistance, and any decisive breach above the same could trigger fresh momentum in the coming period.

The broad-based buying has been observed across the bourses on the sectoral front, wherein the significant benefactors that boosted the positive sentiments were from the IT space and blue-chip like Reliance. Looking at the recent development, the undertone is likely to remain upbeat, and traders are advised to keep following the stock-centric approach for better trading opportunities.

As far as Nifty Bank is concerned, the way some of the heavyweights from this space are placed does indicate that very soon we are likely to move out of this range that too on the higher side. Hence, as long as we hold the 35200 – 35000 levels, traders should maintain a positive bias and dips should be taken to add longs. On the higher side, immediate resistance is seen around 36000 – 36200 levels.

Looking at the F&O data, both the indices have witnessed fresh long addition on the expiry day. On the options front, we have observed the substantial OI concentration at the 16600 put strike, followed by the piling-up of positions in the 16500 put strike, which is likely to provide a cushion to any fall. On the flip side, significant positions are visible at 16700 and 16800 CE, indicating the tentative slender range. Considering the recent price movements, the undertone is likely to remain bullish, and any correction towards the mentioned support zone could be seen as an opportunity to go long

(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the author’s own. Please consult your financial advisor before investing.)

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Author: Howard Caldwell