F&O expiry outlook 25 August- Nifty support at 17830-17765, stay light at higher levels in Bank Nifty
时间:2024-06-26 13:31:58 阅读(143)
By Sameet Chavan
The weakness in the global market led to a mild start in Indian equities, wherein the benchmark index opened tepid on the weekly expiry session on Thursday. Soon after, the bulls grabbed the opportunity and made a modest recovery in the index, but the correction got triggered again at the higher levels. Amidst the intense tug of war throughout the day, the bulls retaliated firmly and levitated the index to day’s high. The winning streak continued for the eighth consecutive session, wherein the Nifty concluded the day with a mere gain of 0.07 percent and settled a tad above 17950 level.
We allude to our previous commentary on not being complacent, as the index has seen a strong vertical movement in the past couple of weeks. However, the undertone is expected to remain upbeat till it sustains above the 17500 odd zone, but some tentativeness could be sensed as the index approached near the psychological mark of 18000. On the technical front, 18000-18150 is seen as the immediate hurdle for the bulls, while 17830-17765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period.
As far as Bank Nifty is concerned, it has now surpassed 39500 on a closing basis but we still do not want to get carried away. Because from here on the moves are not going to be as smooth as it has been over the past 3 weeks. We advise traders to stay light at higher levels and be prepared for volatile swings on both sides. As far as levels are concerned, 39800-40000 to be seen as immediate resistances, whereas on the flipside, 39300-39000 to be treated as intraday supports.
Also Read: Tata group stocks among top retail picks; industry outlook positive, valuations elevated but may hold
In F&O space, we observed the addition of fresh longs in Nifty and short covering was seen in Bank Nifty. Stronger hands turned net sellers not only in equities but also in derivatives segment. Going forward, many stock-specific adjustments are likely to continue and are likely to provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global and domestic developments on a regular basis
(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the author’s own. Please consult your financial advisor before investing.)
上一篇:Sensex ends at nearly 1-month high, Nifty near-term support at 17807; Will Nifty hit 18100 soon-
下一篇:Windfall tax for domestic crude oil reimposed; duty on export of diesel slashed
猜你喜欢
- Sensex may hit 80,000 by 2023- Morgan Stanley
- Sebi unveils consultation paper on grievance redressal
- Nifty to reclaim 18300 or sink further- Check US stocks, Asian markets, FII activity, SGX Nifty, more
- Delhiites adapt to heavily flooded streets! Rescue operations continue – See Photos
- Diwali Special- Indian stock markets shine with impressive gains in past one year
- Nifty to see sustainable rally above 15850, charts suggest short-term bounce; check what derivative data says
- Sensex, Nifty set to make new all-time highs by Dec-end; buy these stocks to bet on festive demand - INTERVIEW
- Nifty to reclaim 18100 or correction to continue ahead of Budget- 7 things to know before market opening bell
- Nifty, Sensex 1% shy of all-time highs, should you buy or wait for dips- Here’s near-term market outlook