Nifty closed the day at 4,856.40 up by 11.50 points. Nifty February Future closed at 4,850.80, discount of 5.6 points.
- FII bought in index futures, stock futures, index options but sold in cash (Net buy 810 Crore)
- US market was flat to Positive.
- Global cues are flat to Positive.
- SGX nifty is Positive as of now.
- Most Active February Nifty Call Option: 4900 and 5000.
- Most Active February Nifty Put Options: 4900 and 4800.
Nifty daily chart has formed “Gravestone Doji” bearish candlestick pattern, although this pattern occurred in consolidation zone and where macro factors are going to influence more rather than technical alone. As said earlier 4675 will work as strong support for the market and as long as this level sustains there should not be panic in market. Next important resistance to watch out is 4918 level, two closes above this level, invite bull to take charge. Trader should remain cautious and avoid spike on either side.
Supports: 4835 is immediate. Below that 4800-4785 can possible before any further breakdown. Below that 4720/10 is possible before any handsome pullback.
Resistances: As said above, 4918 is the key now. Above 4920, it can again move towards 4960/75 zone to decide the further moves.
Trade LESS, Trade SAFE.
Current Spot: 4856.40
RSI (7 days): 47.57
Supports: 4831 - 4805
Resistance: 4897 - 4938
Buy Nifty above 4878 - 4897 - 4940 - 4965 SL - 4870
Sell Nifty below 4849 - 4834 - 4809 - 4766 SL - 4877
Option & Futures Call
Buy Nifty 4900CE above 34.1 for targets of 45.8, 65.9 SL - 31
Stock Ideas for the Day
Reliance Industries: Buy above 988 for targets of 993, 1001, 1010 SL of 980
Reliance Industries: Sell below 973 for targets of 968, 961, 955 SL of 985
Ruchi Soya: Buy above 96 for targets of 96.6, 98.8 SL of 94.9
Godrej Industries: Buy above 151 for targets of 154, 158 SL of 148
Kwality Dairy: Buy above 197 for targets of 202, 207 SL of 193
Biocon: Buy above 267 for targets of 308 SL of 258 (One Month)
CESC: Buy above 379 for targets of 403 SL of 365 (One Week)
You don’t own stocks. Stocks own you - TONY BALIS
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
Thanks and Regards
S&P Wealth Creators
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