Wednesday, 23 May 2018

Market has given a pull back and relief short of over carried position

Wednesday Trade Set UP and Market Trend

Though Nifty has put its restriction and moved in very small range between 10490 and 10560 but pull back been seen as short covering in oversold midcap and quality shares, closed the day with breaking the bearish trend but still market is indecisive mood and would be waiting for clues for further direction.

The Nifty index opened at 10,518 and slipped to an intra-day low of 10,490 but then bulls took charge and pushed the index back above 10,500. The index made an intraday high of 10,558 before closing the day 20 points higher at 10,536.
But still nifty is indecisive trend and bear wl be having upper hand till the time it get closed above 10570 & 10600.
And if sustained below 10500 and 10460 will start further selling pressure as long unwinding and new short in the system.

Nifty Bank

The Nifty Bank index closed at 25,777 on Tuesday. The important  level, which will act as crucial support for the index, is placed at 25,670 followed by 25,565. On the upside, key resistance levels are placed at 25,920, followed by 26,060.

Call Options data

In terms of open interest, the 10,800 Call option has seen the most call writing so far at 66.23 lakh contracts. This could act as a crucial resistance level for the index in the May series.

The second-highest buildup has taken place in the 11,000 Call option, which has seen 59.17 lakh contracts getting written so far. The 10,700 Call option has accumulated 43.73 lakh contracts.

Call writing was seen at the strike price of 10,800, which added 16.17 lakh contracts, followed by 10,500, which added 4.37 lakh contracts, and 10,700, which added 4.12 lakh contracts.

Call unwinding was seen at the strike price of 11,100, which shed 2.82 lakh contracts, followed by 10,900, which shed 1.05 lakh contracts

Put Options data

Maximum open interest in put options was seen at a strike price of 10,500, in which 60 lakh contracts been added till date. This could be a crucial resistance level for the index in May series.

The 10,000 put option comes next, having added 33.18 lakh contracts so far, and the 10,300 put option, which has now accumulated 32.67 lakh contracts.

During the session, put writing was seen the most at a strike price of 10,500, with 5.68 lakh contracts being added, followed by 10,300, which added 2.74 lakh contracts and 10,400, which added 1.52 lakh contracts.

Put unwinding was seen at a strike price of 10,600, in which 2.08 lakh contracts were shed.

Stocks in news:

Minda Industries: The firm allotted equity shares of around1,10,000 shares and hence will boost.

Cipla: The firm reported a net profit of Rs 153.8 crore.

Sonata Software: Profit for the March quarter has grown 10 percent at Rs 54.3 crore.

State Bank of India to sell 3-5 percent stake in general insurance JV in FY19

GE Power India Q4 net up 32 percent at Rs 51.55 crore

CCI approves Bayer-Monsanto deal

Fortis Healthcare: Sebi probes insider trading violation, other regulatory lapses

BEML, DHFL, Jet Airways, Just Dial, and Reliance Communications are in F&O Ban list.

As observe by emmkay_ra

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