What Is The Next Step Of NIFTY & BANKNIFTY?

From the start of March month, FIIs is a net seller in the cash market and DIIs is a net buyer. In a comparison of buying, selling quantity was huge. Now it is looking like FIIs has taken handover of buying, we wish this handover will continue. Another reason is the American market, this market has shown a good rally in the last four days. Also, the Russia-Ukraine war situation is getting neutral. Meetings are going on to find some conclusion, I hope it will resolve as soon as possible.

Nifty has shown dip till 15700 and from that bottom taken U-turn with the non-stop rally. On Wednesday, nifty has closed with a small green candle and confirmed Inverted H&S i.e. signal of a trend change. Nifty has given back-to-back breakout to 20 & 200 DMA and now trading near 50 DMA.

I am bullish on Nifty from current levels i.e. 17287, before that expecting one correction till 17000. The good support is 17000 and resistance is around 17350/17500. Our view is long in dips near support or on the breakout.

If we look at the options data then the highest money invested at 17000 PE so we can say that it is good support and call side is 17500. The nifty range is 17500-17000.

Private Banks have shown good buying in the last few days and dragged to bank nifty. However, there is no confirmation of trend change on the chart. Banknifty has three resistances i.e. chart, 200 & 50 DMA and support is around 36000.

In weekly contracts, the highest investment is at 36000 PE and 36500 CE that is the reason PE is good support and CE is resistance for this week.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.