Nifty 50 Eyes Further Gains: 15 Key Points to Know Before Market Opening

On September 17, 2024, the Nifty 50 achieved a new closing high of 25,419 with a moderate gain of 35 points. Positive signals from momentum indicators like RSI and MACD supported the bullish trend. Experts suggest that if the index decisively closes above 25,500 or breaks through its upward-sloping resistance trendline, the market could rally towards 25,800. The immediate support level is pegged at 25,200.

Here are 15 crucial data points to guide your trading decisions for the next session:

1) Key Nifty 50 Levels

• Resistance: 25,438, 25,460, and 25,494 (based on pivot points).
• Support: 25,370, 25,349, and 25,315.

2) Key Bank Nifty Levels

• Resistance: 52,262, 52,309, and 52,385 (based on pivot points).
• Support: 52,110, 52,063, and 51,987.

3) Nifty Call Options Data

• 26,000 strike has the maximum open interest, with 1.07 crore contracts, indicating strong resistance.
• 25,500 strike saw 47.47 lakh contracts of open interest, offering short-term insights into resistance levels.

4) Nifty Put Options Data

• 25,000 strike holds the highest open interest of 60.69 lakh contracts, acting as key support.
• Significant Put writing was observed at 25,400 strike, with an addition of 10.32 lakh contracts.

5) Bank Nifty Call Options Data

• 53,000 strike has the highest open interest at 34.85 lakh contracts, marking resistance.
• Heavy Call writing was noted at 52,500 strike, with 13.87 lakh contracts added.

6) Bank Nifty Put Options Data

• 52,000 strike saw the highest open interest with 36.11 lakh contracts, serving as critical support.

7) Funds Flow (Rs crore)

• DIIs bought shares worth Rs 874 crore, while FIIs net bought Rs 483 crore, signaling positive institutional interest.

8) Put-Call Ratio (PCR)

• The Nifty PCR increased to 1.3, indicating bullish sentiment, as traders are more inclined towards Put selling.

9) India VIX

• India VIX, an indicator of market volatility, rose by 1.04% to 12.59, still favoring bulls despite a slight uptick.

10) Long Build-up

• 30 stocks showed a long build-up, with rising open interest and price, suggesting continued bullish positions.

11) Long Unwinding

• 47 stocks saw long unwinding, marked by declining open interest and prices, indicating profit booking.

12) Short Build-up

• A total of 66 stocks experienced a short build-up, with increasing open interest and falling prices, indicating bearish sentiment.

13) Short-Covering

• 41 stocks witnessed short-covering, signaling traders closing their short positions due to rising prices.

14) High Delivery Trades

• Delivery trades showed strong investor interest in select stocks, indicating a preference for long-term holdings.

15) Stocks Under F&O Ban

• New Entries: Biocon, Punjab National Bank.
• Existing: Aarti Industries, Balrampur Chini Mills, Bandhan Bank, and others.

These insights provide a solid foundation for navigating the market's opening on Wednesday. Ensure you adjust your strategies based on key support and resistance levels to spot potential opportunities.

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DIIs and FIIs Active in the Market: Net Purchases of ₹97 Crore and ₹975 Crore Respectively

On September 4, 2024, Domestic Institutional Investors (DIIs) net bought shares worth ₹97.35 crore, while Foreign Institutional Investors (FIIs) were net buyers of ₹975.46 crore, according to provisional data from the NSE. DIIs purchased ₹13,584 crore worth of shares and sold ₹13,487 crore, whereas FIIs acquired ₹16,585 crore in shares and sold equities valued at ₹15,610 crore during the session.

Year-to-date, FIIs have net sold shares worth ₹1.36 lakh crore, while DIIs have net bought shares totaling ₹3.11 lakh crore.

In market performance, the Sensex closed down by 202.80 points or 0.25% at 82,352.64, and the Nifty fell by 81.15 points or 0.32% to 25,198.70. Top gainers on the Nifty included Asian Paints, Grasim Industries, HUL, Apollo Hospitals, and Sun Pharma, while the biggest losers were Wipro, Coal India, ONGC, Hindalco Industries, and M&M.

Sector-wise, FMCG, realty, and pharma stocks saw gains, while auto, banking, energy, IT, and metals sectors faced declines. Siddharth Khemka of Motilal Oswal Financial Services noted that despite global concerns causing a dip, domestic equities showed resilience with a gradual recovery.

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Market Update and Trading Plan for Nifty and Bank Nifty

The market closed with a positive bias on September 3, continuing its upward journey for the 14th consecutive session. Most experts predict that the ongoing consolidation may break out on the higher side. If the Nifty closes above 25,300, the immediate target is 25,400, with support levels at 25,200 and 25,000. For Bank Nifty, holding above 51,500 could push it to 52,000, with key support at 51,000.

 

Nifty Outlook and Strategy:

Ashish Kyal, Waves Strategy Advisors:

  The Nifty is consolidating at the higher end, with a breach below 25,180 being a concern. The trend remains positive, with a target of 25,361 (Gann).

Ø  Key Resistance: 25,650 (September Futures)

Ø  Key Support: 25,180 (September Futures)

Ø  Strategy: Create long positions on a break above 25,420 with a stop-loss at 25,340 and a target of 25,550, followed by 25,650.

 

 Apurva Sheth, SAMCO Securities:

  Despite the 14-day winning streak, September has historically been a negative month for Nifty. Expect a flat to negative bias in the near term.

Ø  Key Resistance: 25,395, 25,500, 26,000

Ø  Key Support: 25,000, 24,800, 24,500

Ø  Strategy: Employ a Call Ratio Spread strategy with a target profit of Rs 3,500 or exit if losses exceed Rs 2,000.

 

Riyank Arora, Mehta Equities:

  The Nifty could move towards 25,500 and 25,600 levels, with potential to reach 26,000 eventually.

   Key Resistance: 25,500, 25,600

   Key Support: 25,200, 25,000

   Strategy: Buy at CMP of 25,280 with a stop-loss at 25,200, targeting 25,500 and 25,600.

 

Bank Nifty - Outlook and Positioning:

Ashish Kyal, Waves Strategy Advisors:

  Bank Nifty closed above the previous day's high, signaling a positive trend. The index has maintained its low since August 14, suggesting a bullish outlook.

Ø  Key Resistance: 52,100 (September Futures)

Ø  Key Support: 51,300 (September Futures)

Ø  Strategy: Long positions above 51,900 with a target of 52,100, followed by 52,390, as long as 51,500 holds.

 

 Apurva Sheth, SAMCO Securities:

  Bank Nifty has underperformed but is now showing signs of recovery. Closing above 51,500 indicates bullish momentum, with private sector banks leading.

Ø  Key Resistance: 52,000, 53,000

Ø  Key Support: 51,500, 51,133

Ø  Strategy: Execute a Bull Call Spread by buying a 51,800 strike Call and selling a 52,500 strike Call for the September 11 expiry. Target profit is Rs 6,000.

 

 Riyank Arora, Mehta Equities:

  Bank Nifty has broken above 51,500, signaling targets of 52,000 and 52,500. Strong buying momentum in banking stocks supports this bullish trend.

Ø  Key Resistance: 52,000, 52,200

Ø  Key Support: 51,400, 51,000

Ø  Strategy: Buy at CMP of 51,689, with a stop-loss at 51,400, targeting 52,000 and 52,500.

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