4th March 2024 – The Financial Month
Analysis , Blogs , Journal , Weekly
….In the weekly chart clearly it is still following the bullish channel, taken a support at the base of the channel….[..]
:: Last Expiry – Overview
NIFTY 50
NIFTY made a very strong upmove and currently trading at a new all time high.
BANK NIFTY
Banknifty also taken a strong support at the bottom of the uptrend channel.
:: This Week, 4th March 2024 – The Financial Month, What the Technicals’ say?
NIFTY 50
View :
A bullish triangular flag pattern is evidently broken on a weekly time frame. And NIFTY is sitting right now at all time high. Looks like more upside is possible.
On a daily time frame after a bullish reversal, which has been confirmed. Market is at an all time high.
Important Levels
- Resistance – 22,400- 22,800
- Support – 22,000 – 22,350
- No trading Zone – 22,000 – 22,350
BANKNIFTY
View :
In the weekly chart clearly it is still following the bullish channel, taken a support at the base of the channel.
On the daily time frame, a trendline break out has been successful and it has been confirmed.
Important Levels
- Resistance – 47,000 – 47,100
- Support – 46,500 – 46,600
- No trading – 46,500 – 46,600
Please follow the link to see the detail chart analysis.
:: What does data say about this week, 4th March 2024 – The Financial Month?
FII & DII Activity
FII & DII data
- Outstanding puts is 1.37L bought along with 1.2K calls bought – Net Bearish
- Last session FII, PRO, Clients & DII activity – Every institution look Indecisive
- FII sold ₹82 Cr Stocks – Does not hold relevance for intraday.
- Net Future OI change = have dip to -61K , Not much changed.
Open Interest (OI)-
Nifty OI
- Max OI Calls:: 22800 , 0.63 Cr
- Max OI Puts:: 22000, 0.79Cr
- PCR:: 0.9
Note:: OI suggests a critical support at 22000 , and resistance at level 22800 observed.
Banknifty OI
- Max OI Calls:: 48000 , 0.22 Cr
- Max OI Puts:: 46500, 0.30 Cr
- PCR:: 1.0
Note:: OI suggests a critical support 47000, and more upside possibility.
Please follow the link to see the detail chart analysis.
Data for 4th March, 2024 Week.
:: Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 22,2450.50 at 01:15am 03-03-2024.
:: Events Upcoming
Fig. Events this week