The Indian market is off to a promising start, showing early signs of an edge following the previous day’s flat closing amidst market turbulence. At the close of the trading session, the Sensex experienced a marginal decline of 29.07 points or 0.04%, settling at 66,355.71. Conversely, the Nifty exhibited a slight uptick of 8.30 points or 0.04%, reaching 19,680.60. The day’s trading session saw 1,686 shares gaining, 1,754 shares declining, and 135 shares remaining unchanged.
Sensex Declines Marginally, Nifty Shows Uptick
For Nifty, the first resistance levels are at 19,707/19,733-19,787, with major resistance at 19,817-19,841/19,884. The primary support lies at 19,645-19,605, while the stronger base is at 19,559-19,525/19,490. FIIs resumed their buying, but the index witnessed selling due to the reduction in long positions. Notably, heavy call writing occurred at 19,700-19,800-19,900, while the open interest of 3 crore shares is positioned at 19,700-19,750-19,800. On the put side, writers dominate 19,600-19,500, and the index experienced a pullback from the 19,600 level after breaking the 10 DEMA (Day Exponential Moving Average) yesterday. To regain strength, the Nifty must stay above 19,707-19,733, and a fall below this range may lead to a test of the base-1 level at 19,645-19,605. On the other hand, holding above 19,733 could result in short covering and a potential rise towards 19,787-19,817. The initial trade zone lies between 19,733-19,605, marking the direction of the broken index.
Nifty’s Resistance and Support Levels: Expert Analysis for Trading Strategies
For Bank Nifty, the first resistance levels are at 46,060-46,210, and the major resistance lies at 46,337-46,466/46,530. The primary support is at 45,760-45,660, while the larger base stands at 45,630 (10 DEMA)-45,477. The previous day saw Bank Nifty slipping till the 10 DEMA, and the closing occurred within the consolidation zone. Maximum call writers were observed at 46,000-46,200, followed by 46,500. On the put side, writers dominate the 45,700-45,500 zone, with the 10 DEMA positioned at 45,630. The strength and short covering for Bank Nifty will be evident only if it sustains above 46,060. A failure to sustain above 46,000-46,060 could lead to further downside potential towards the 10 DEMA level. The 45,500 put writers zone could result in a possible pullback from that level.