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Market this Week

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| Posted by: Pixarts Trade on February 11, 2024 08:49 PM |

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“After a bullish candle- a pause on weekly chart is observed. Overall weekly price action is still bullish, despite a correction las week”…[..}


Last Expiry – Overview

NIFTY 50

Nifty was very volatile on the last trading session and it remained rangebound. And buying observed from bottom.

BANK NIFTY

Banknifty traded very positively and buying seen at the bottom with good volumes.

Fresh Peak in the Market

Technically, Market this Week.

NIFTY 50     
Fig. Nifty Chart
View :

After a bullish candle- a pause on weekly chart is observed. Overall weekly price action is still bullish, despite a correction last week.

Not a clear bullish harami but looks like one, it looks market is unable to to sustain at the top.

Important Levels

  • Resistance – 21,900 – 22,000
  • Support – 21,650 – 21,750
  • No trading Zone – 21,650 – 21,750

BANKNIFTY   
Market this week
Fig. Banknifty Chart
View :

Post the formation of a bullish harami in the weekly chart, a bearish candle with a long wick at the bottom is formed, this suggests a buying at the lower levels.

On daily time frame, after a back to back negative candles in the last session a strong bullish marubuzo is formed with a good volume.

Important Levels

  • Resistance – 45,900 – 46,000
  • Support – 44,400 – 44,500
  • No trading – 44,400 – 44,500

Please follow the link to see the detail chart analysis.

Charts for 12th February, 2024, Week.


What does data say about the market this week?

FII & DII Activity

Market this week
Fig. FII Activities
Observations:

FII & DII data suggest market to trade in flat to Bullish:

  • Outstanding puts is 51K bought along with 15K calls – Looks Bullish.
  • Last session FII, PRO, Clients & DII activity – Bullish inclined as FII, Pro & DII But Clients are Bearish.
  • FII stocks is 142Cr bought – Does not hold relevance for intraday.
  • Net Future OI change = have dip to -83K , Improved.

OI data suggest market to remain volatile, No Clear Horizon is visible.

Nifty OI
  • Max OI Calls:: 22000 , 0.75 Cr
  • Max OI Puts:: 21500, 0.52 Cr
  • PCR:: 0.8

Note:: OI suggests a support at 21500 , and a Resistance at 22000. Likely to remain volatile and range bound.

Banknifty OI
  • Max OI Calls:: 46000 , 0.44 Cr
  • Max OI Puts:: 45000, 0.28 Cr
  • PCR:: 0.9

Note:: OI suggests a support at 45000 , and Resistance at 46000. Likely to remain volatile and range bound.

Please follow the link to see the detail chart analysis.

Data for 12th February, 2024 Week.


Market Sentiments

World Markets – World market traded mostly flat to bullish.

GIFT NIFTY FUTURES – Closed around 21,850 at 01:15am 11-02-2024.


Events Upcoming

Market this week

Fig. Events this week

Disclaimer:-The above analysis is solely the opinion of the author, no way an assured tips/direction to trade, they are solely for educational purposes. Please do not trade with out a proper study and analysis, we will not be responsible for your loss. We are not SEBI registered.

#SafeBull, #pixarts.Trade

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