Global Market remained under pressure but Dow Jones and Nasdaq managed to close in green. After our market, SGX Nifty traded almost flat but due to positive developments over the weekend, we may open flat to positive.
During the weekend we saw Reliance Industries raised additional funding by selling a stake in Jio, therefore we can see a positive opening in the markets.
There was good buying interest seen in Index major such as Reliance & HdfcBank.
Nifty50 Technical Analysis
On Friday’s session, we saw a sharp recovery of Nifty50 after it opened 4% down. On upside 9735 was clear resistance but Nifty managed to cross after DowJones futures were trading 2% up. We saw a strong short-covering rally after 9800 and there was a huge call unwinding at 9800, 9900, and some at 10000 also.
Nifty Resistance 10020, 10140.
Nifty Support 9800, 9735.
Bank Nifty Technical Analysis
Bank Nifty too saw a sharp rally of around 1200 after index opened with a huge gap down of 4.5%.
Support levels at 20230, 19520
Resistance levels at 20740, 21500
FIIs Stats
FIIs have created short position on Index and sold 1300 crores in cash as well. This is the biggest cash sell in the last 2 weeks. We may expect short term top is made which was 10330 and on the downside, 9544 will remain important support level.
Nifty50 Expiry Range
10100 – 9600 is a small expected range. 10330 will remain a huge resistance & 9500 very good support for Nifty50