11th March 2024 – A weekly view
Analysis , Blogs , Educational , Information , Weekly
…an exhaustion is seen near previous neckline of head and shoulder pattern….[..]
:: 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.
:: This Week, 11th March 2024 – What the Technicals’ say?
NIFTY 50
View :
After triangular bullish pattern confirmed, market is continuously moving upwards without. It is best to continue riding with it.
On a daily time frame after a bullish engulfing it is confirmed with Doji like candle, a likely pause, which is good sign to add more momentum to it.
Important Levels
- Resistance – 22,500- 22,800
- Support – 22,300 – 22,400
- No trading Zone – 22,300 – 22,400
BANKNIFTY
View :
Banknifty has been green for 4(four) back to back weeks. Right now market is near the center line of the Bullish channel, also near a psychological level 48,000. Some exhaustion is expected in BANKNIFTY.
On the daily time frame, an exhaustion is seen near previous neckline of head and shoulder pattern. Looking for some more up move.
Important Levels
- Resistance – 47,900 – 48,000
- Support – 47,000 – 46,500
- No trading – 47,000 – 46,500
Please follow the link to see the detail chart analysis.
:: What does data say about this week, 11th March 2024?
FII & DII Activity
FII & DII data
- Outstanding puts is 1.27L sold along with 93K calls bought – Net Bullish
- Last session FII, PRO, Clients & DII activity – Every institution look Indecisive
- FII bought +₹7,304 Cr Stocks – Does not hold relevance for intraday.
- Net Future OI change = have dip to -34K , Dipped significantly
Open Interest (OI)-
Nifty OI
- Max OI Calls:: 22500 , 0.42 Cr
- Max OI Puts:: 22400, 0.39Cr
- PCR:: 0.9
Note:: OI suggests a critical support at 22,400 , and resistance at level 22,500 observed.
Banknifty OI
- Max OI Calls:: 48000 , 0.31 Cr
- Max OI Puts:: 48000, 0.19 Cr
- PCR:: 0.8
Note:: OI suggests a critical level at 48,000, which will decide future direction.
Please follow the link to see the detail chart analysis.
Data for 11th March, 2024 Week.
:: Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 22,661.50 at 02:15am 09-03-2024.
:: Events Upcoming
Fig. Events this week