Nifty needs to negate formation of lower high pattern to head to 17700-17777; maximum call OI at 18000 By Shivangi Sarda Nifty 50 index opened negative on Wednesday but took support at 17500 marks and moved in a positive to range-bound manner throughout the session. It failed to surpass the previous day’s highs but declines were being bought to settle the day above 17600 zones. Buying was visible at support zones but lack of momentum and strength in heavyweight could not speed up the up-move and it closed with gains of around 27 points. It formed a small Bullish candle on the daily scale but continues forming lower highs from the last three sessions. Bank Nifty opened negative but witnessed a pullback move and after respecting 38550 zones, it moved above 39100 zones. It closed above 39000 zones with gains of around 340 points. It formed a Bullish candle on the daily scale and is forming higher highs from two sessions. For monthly Bank Nifty, Maximum Put OI is at 38000 then 38500 strike and maximum Call OI is placed at 40000 then 39500 strike. We have seen Call writing in 39200 with unwinding at 38500 while Put writing is witnessed at 39000 strike. Now it has to hold above 38888 zones for an up move towards 39250 and 39500 zones whereas supports are placed at 38750 and 38500 zones. On the sectoral front, apart from IT, Pharma and Auto stocks, all other sectors traded in the positive territory out of which the most strength was seen in Private Banks, Realty, Media and Metal. Now Nifty 50 has to negate the formation of lower highs of the last three sessions to continue the positive momentum towards 17700 and 17777 zones whereas support is intact at 17500 and 17442 zones. Traders are advised to buy on a decline with a positive stock-specific action in Can Fin Homes, Sun tv, Bandhan Bank, IDFC First Bank, Syngene, Federal Bank, Adani Enterprises, Indusind Bank, ZEEL, IGL, Ashokley, Cholafin, IRCTC, and Grasim while weakness in Hindpetro, Mphasis, BPCL, Divislabs, TCS and IOC. (Shivangi Sarda is an Analyst – Equity Derivatives & Technicals, Broking & Distribution, Motilal Oswal Financial Services Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)