10 May , 2024 By : Debdeep Gupta
Indian benchmark indices gained amid volatility on May 10, and were trading up about 0.3 percent around noon. NSE Nifty 50 traded above 22,000, reclaiming the crucial level after the previous session’s loss. Sensex was up about 200 points, though off the day’s high.
Nifty options data suggests heavy call writing at 22,350. Analysts said that the range for the coming few sessions could be between 21,820 on the downside and 22,090 on the upside.
Significant call writing was seen across 22,000-22,100 strikes, while put writing was seen in 21,900-21,800 strikes, said Sudeep Shah, DVP and Head of technical and derivative research at SBI Securities.
SBI Securities: “Any sustainable move below the level of 21,820 will lead to further selling pressure in the index. In that case, it is likely to test the level of 21,600, followed by 21,500 in the short term. On the upside, the zone of 22,070-22,090 will act as an immediate hurdle for the index, said Shah.
JM Financial: “Technically, the indices are in an oversold zone on hourly charts and hence a minor pullback rally of 150-200 points cannot be ruled out. The support for the Nifty is now seen at 21,950 and then 21,700-800 levels. On the higher side, the immediate resistance zone for Nifty is at 22,200-22,250 levels and then at 22,500,” said Tejas Shah, Vice president of technical research at JM Financial.
Bank Nifty's technical view
JM Financial: Bank Nifty is trading around a make-or-break support zone of 47,500-47,700 (50-Day EMA). Any decisive close below the same in today’s trading session can trigger a 1-2 percent fall in Bank Nifty, or else there are high chances of a bounceback from the current levels.
On the downside, the support zone lies at 47,500-47,700 and then at 46,500-46,600. Resistance is seen at 48,200-48,300 / 49,000-49,100. Overall, the bears should continue to have the upper hand in the future,” said Tejas Shah.
Among individual stocks, the long build-up is observed in Escorts, Apollotyre, and BPCL. While short build-up is seen in Polycab, INFY, and BSOFT.
0 Comment