Post a two-day pause, Nifty Opened with an upward gap in an unknown zone. With a fall during the day, it defended the 14,200 level and eventually exceeded the 14,300 level, ending near the day’s highs. The appearance of bullish candles with record closes makes the base shift higher. 14,100 levels can be support zones.
Bank Nifty It was below the benchmark index. After the start of the gap-up, Bank Nifty was unable to stick to higher levels, eventually leading to a slight profit taking. Be careful with follow-up actions, as failure to maintain above 32,000 can lead to modest benefits.
The IT index has risen for the seventh straight week, rising about 7% at the weekly closing price. FMCG The index recorded two weeks in a row.
Purchase Heidelberg cement Near Rs235-233
- Stop loss: Rs 223
- Target: Rs 257
- Equities have witnessed a relatively large number of integrated breakouts. Positive follow-throughs may continue to rise.
Index option strategy
Covered by Bank Nifty
- Sell the January future near 32,180-32,200 and sell 31,500 exercise puts (maturity January 14) near 140.
- Stop loss: 32,660
- Goal: 31,500
- Bank Nifty was unable to stick to a higher level and therefore fell below the benchmark index. If not maintained at current levels, minor pullbacks can occur in zones 31,000 to 31500.
Amit Trivedi CMT, Technical Analyst-Institutional Investor, YES Securities. The view is his own.)
Day Trading Guide: Bank Nifty may witness profits if it fails to maintain the 32,000 level
https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-bank-nifty-may-witness-profit-booking-if-it-fails-to-hold-32000-level/articleshow/80174421.cms Day Trading Guide: Bank Nifty may witness profits if it fails to maintain the 32,000 level