Market this week – 26th March 2024
Analysis , Learning , Weekly
A Doji at the support level, which was confirmed with another positive candle, which has been engulfed. Looks positive…[..]
:: Last Expiry – Overview
NIFTY 50
NIFTY continued its up move and touch new all time high and it is at pause.
BANK NIFTY
Banknifty confirmed a Bullish Marubuzzo with small Doji like candle.
:: Market this week, 26th March 2024 – What the Technicals’ say?
NIFTY 50
View :
After triangular bullish pattern confirmed, market tested back the upper trend line of the triangle, and formed a candle with strong wick at the bottom looks like it is forming a base and taking support.
On a daily time frame a strong bullish engulfing is formed with a good volume on the foothold of a Doji at the bottom.
Important Levels
- Resistance – 21,800- 21,900
- Support – 22,300 – 22,500
- No trading Zone – Nil
BANKNIFTY
View :
Upon touching a support, it seems like it is taking support- as a strong wick at the bottom.
On the daily time frame, a Doji at the support level, which was confirmed with another positive candle, which has been engulfed. Looks positive.
Important Levels
- Resistance – 46,900 – 47,000
- Support – 46,600 – 46,700
- No trading – 46,600 – 46,700
Please follow the link to see the detail chart analysis.
:: What does data say about this week, 26th March 2024?
FII & DII Activity
FII & DII data
- Outstanding puts is 84k bought along with 20K calls bought – Net Bearish
- Last session FII, PRO, Clients & DII activity – FII Indecisive, DII & PRO Bullish and Clients Bearish
- FII bought -₹3K Cr Stocks – Does not hold relevance for intraday.
- Net Future OI change = have dip to -80K from 90K , Dipped significantly
Open Interest (OI)-
Nifty OI
- Max OI Calls:: 22000 , 1.02 Cr
- Max OI Puts:: 22500, 0.70 Cr
- PCR:: 1.2
Note:: OI suggests a critical support at 22,000 , and resistance at level 22,500 observed.
Banknifty OI
- Max OI Calls:: 46500 , 0.22 Cr
- Max OI Puts:: 47000, 0.20 Cr
- PCR:: 1.1
Note:: OI suggests a critical level at 46,500, and 47000 at critical resistance.
Please follow the link to see the detail chart analysis.
Data for 26th March, 2024 Week.
:: Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 22,171.00 at 02:15am 24-03-2024.
:: Events Upcoming
Fig. Events this week