Market After Closing. What Next for Nifty Banknifty .?!

Market After Closing. What Next for Nifty Banknifty .?!

Despite the weak clues from global and Asian market Indian equity market and major Index open with strength and continue non-stop till the end of the day and close at day high. Both Nifty and Banknifty continue the upward movement. Nifty 50 opened 76 points gap up and closed at 14923 that is 276 points up or 1.69% from Friday close. While Banknifty opened 268 points gap up and closed at 33459 that is 1289 points up or 4% from Friday’s close.

As we told in yesterday’s Kal Ki Baat Aaj series on our YouTube channel Nifty future zoom to kiss 14947 from 14770 and Banknifty Future from 33480 to 33600.

Today’s move seems started by buying from institutions and further pushed upward by short-covering above the key resistance. We saw upward traction and short covering in all major financial indices Nifty Bank, Nifty PSU Banks, Nifty Fin Services which includes all market heavyweights like HDFC, HDFCBANK, Bajaj Finance, Bajaj Finserv, ICICIBANK, SBIN, AXISBANK, INDUSINDBANK and others. Some metals and auto stocks also help at the market after the first half. AADANIENT, JINDALSTEEL, VEDANTA (VEDL), TATASTEEL, BALKRISIND, MOTHERSUMI, TVSMOTER, EICHERMOTOR show good traction after the first half. As per our analysis published yesterday on pharma index, it was closed in Red.

SBIN Strong Break-out With Volume

India VIX closed below 20 and end of the day at 19.61 that is 3% down that is one of the good sign for Bull. We saw aggressive put writing at 14700 and 14800 Nifty options while very heavy writing at 33000 put in Banknifty.

Today again the provisional data show FIIs sold Rs. 2,255 cr. and DIIs buy Rs. 1948 cr. In the cash market.

On a technical front today’s Nifty form a very bullish candlestick formation on the chart and closed above the last 3 trading session high. If you saw the Banknifty chart we can see the Banknifty respect 50 EMA on a weekly chart and it works as strong support and from today’s move we can say the weakest chain of the market became strongest. Today’s Banknifty candle is the strongest candlestick formation and closed above 2 weeks high that indicates the further up-move in coming days.

The strategy for tomorrow will be released on today YouTube Channel tonight. Keep eye on “Kal Ki Baat Aaj”.


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