Stock Market News: Banking shares did wonders, know the earning strategy in Nifty-Bank Nifty…

Stock Market News: Despite gap-up cooling, Nifty remains above 120 points. ICICI Bank, HDFC Bank, M&M and Axis Bank have given a boost to the market. A rise of 750 points is being seen in Bank Nifty. There is also a rise in midcap and smallcap stocks. The fear index, INDIA VIX, is down 13%.

After capital market, pharma, auto and consumer durables are the fastest growing. All three sectoral indices are trading with a gain of about 1.5%. Buying is also taking place in auto, NBFCs and public and private banks. However, IT stocks are under pressure, with the IT index trading down around 0.50%.

Due to softening of crude prices, Indigo and Asian Paints are rising. Both are among the top gainers on Nifty, rising 2-3%. Buying is also being seen in auto ancillary, fertilizer and chemical stocks. However, there is a decline in Reliance, Oil India and ONGC.

nifty strategy

Virendra Kumar said that the initial resistance for Nifty is at 24078-24231, and the major resistance is at 24345-24456/24533. Initial base is at 24691-24767, and major base is at 24551/24584/24658. A big gap-down was seen yesterday, but a recovery was also seen, closing near 100WEMA.

Today, there was a lot of relief from the sharp fall in crude prices, and India VIX also softened. Everything will depend on the cross-combination of crude and rupee and the global setup. Financial institutions have seen heavy selling, resulting in the index being shorted. Net short was Rs 1.93 lakh. RIL contributed to yesterday’s recovery. Call writers are on 100WEMA at 24078, then 24000/24100/24200. On the downside, there is strong put writing at 24000-23800-23500.

Due to technical/expiry reasons, covering is possible above Resistance-1, followed by Resistance-2. Due to expiry, it is still possible to sell below Resistance-1. The target to sell will be Base-1. Under normal circumstances, Base-1 can act as the base on today’s expiry day. If Base-1 breaks today, stoploss will be hit, which will increase pressure, and then Base-2 may appear.