Traders should try to create long position keeping close eye on 10,500, as it might act as crucial support for weekly expiry
The NIFTY index completed its 61.8 per cent Fibonacci retracement of the entire recent fall from the top, which is coming around 10,552 levels.
It would be advisable to protect long positions in the Nifty with 10,200 stoploss. Above 10,410, Nifty could move towards 10,600 odd levels.
An analysis by HDFC Securities shows that adjusted book value (ABV) for banks could fall up to 22 per cent in the worst case scenario, while return on average assets (ROAA) could dip 25-70 bps in FY21
The stock of HDFC Bank has moved past the barrier of 1,050 levels and has come into a new territory with positive bias
Here's a look at what major technical indicators suggest for Nifty Bank and its key constituents and what should be your trading strategy
One can develop his/her own remote model, which should be able to achieve over 80 per cent accuracy.
As per monthly option data, handful of call writing on higher strikes ranging from 10,400 to 10,600 is seen which shows Nifty might witness resistance in sub-zone of 10,500.
The support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300.
The momentum oscillator MACD has provided buy crossover on the Nifty's hourly chart
Nifty likely to face stiff resistance at 10,000 as maximum call OI is placed here. We might witness strength only if Nifty breaks level of 10,000.
The stock of Siemens is making a lower high and lower low formation on the daily chart and it has breached its short term 21 DMA which is currently placed near 1,075 levels
As per weekly option data, handful of put writing on higher strikes ranging from 9,400 to 9,700 is seen which shows Nifty might witness support in subzone of 9,500.
The stock of IGL has formed a morning star candlestick chart pattern on the daily scale which is considered as a trend reversal pattern.
Nifty managed to close above 10,000 ahead of weekly expiry and is likely to expire above this important level.
The stock of Infosys is making a higher top and higher bottom pattern on the daily chart and reclaimed its long term moving average of 200-DMA which is placed at 708 levels
The stock of SBI has bottomed out near 145 levels and gave a decent bounce to improve the bias and is currently in a rising trend.
As per weekly option data, handful of put writing on higher strikes ranging from 9,800 to 10,100 is seen which shows Nifty might witness support in subzone of 10,000
The stock of Bharti Airtel is making a higher top and higher bottom pattern on the daily chart and has formed a Doji candlestick pattern which hints of a trend reversal
The level of 9,450 followed by 9,380 would now be seen as a sacrosanct support for Nifty