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● In terms of price fluctuations:
In yesterday’s trade, Nifty rose 0.37% to hit a new lifetime high. The pharma and auto sectors saw strong outperformance, rising 0.8% each, while Bank Nifty rose 0.35%, in line with the broader index.
● Deciphering asset relationships:
While the dollar index and 10-year bond yield have remained stable at a high level of 4.25% at 104.20, it is the Brent crude oil price that is showing new upward momentum, currently hovering near its previous swing high. There is.
● Main nifty levels:
Nifty overcame the previous swing with a high above 22125 and has been forming a top-top pattern since the last four sessions, so the major support zone for the index is placed at the 22100-22125 zone and the resistance level is at 22250 Located at higher levels around the ~22270 zone.
Below 22100, the index is likely to witness correction till 21980-21910 zone.
● Interpretation of OI data:
Nifty futures rose 0.28% and OI also rose 1.28%, suggesting a long-term rally in the index.
Nifty PCR is currently strong at 1.19 level.
Call writing is observed between the 22200 and 22300 strikes, and put writing is observed between the 22000 and 22100 strikes, suggesting that the range for the next few sessions could be 21970 on the downside and 22300 on the upside.
● Nifty level of major banks:
Bank Nifty has been able to successfully hold the short-term moving averages of 10 and 20 DEMA located around 46000. Accordingly, the index has formed a top-top-top-bottom pattern since the past four sessions.
46000-46200 is likely to be strong support going forward, while the 50DMA level of 46750-46800 is likely to be short-term resistance.
In terms of open interest data, Bank Nifty futures ended the day 0.32% higher, while OI fell 3.59%.
Bank Nifty PCR is currently strong at 1.16.
Significant call writing is seen with strikes at 46600-46700 and puts at 46500-46300, suggesting a range of 46800-46200 for the next few sessions.
● Momentum sectors and stocks:
In the pharma sector, Dr Reddy, Sun Pharma, Cipla, Zydus Life and others continue to maintain strong momentum and are gaining momentum, hinting at the possibility of more moves to come.
From the broader market, selective bullish setups were observed in Dixon, Indianb, JSW Energy, Concor, Kaminshind, Icicibank, Reliance, Mrpl, Quess, Aegischem, Bajaj-auto and Maruti.
● FII – DII data overview:
In the spot market, FII was sold to the tune of 754.59 Cr and DII was bought to the tune of 452.7 Cr.
FIIs’ long-short ratio of index futures remains around 39.25 as they have bought 4981 index futures on a net basis.
On the equity futures side, FIIs sold 21,111 contracts, while on the options side, FIIs sold 58,727 call contracts and 70,971 put option contracts.
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