Day full of Volatility where PSU outshined the index on some positive news. In last one hours selling was seen in banks and metals. Fight between bulls and bears is going intense and the investor is confused in getting the direction. Sector specific PSU BANKS and REALTY was outperformer in the market whereas FMCG and IT was underperforming the key benchmark index. Technically nifty took resistance of 45 days SMA as well as 61.8 % Fibonacci retracement of the recent fall. If we observed the options data so 10500 CE having a highest OI so it indicates strong resistance around 10500. Traders are advice to book profit on higher level and wait for the further confirmation.
After a beating PSU stock a sigh of relief in PSU Banks was seen. Sudden spurt was seen in BOI on the news that 7000 Cr. NPA recovery is there on the cards. All the PSU banks followed BOI and it led to positive sentiments whereas PVT sector bank were marginal gainers. Technically Bank nifty facing the resistance of intermediate trend line as well as taking 61.5 % Fibonacci retracement of the previous fall. 25000 would act as a strong resistance, traders are advice to book profit at higher level or wait for the further confirmation.
To Read Complete Report & Disclaimer Click Here
For More KIFS Trade Capital Disclaimer https://kifstradecapital.com/disclaimer/
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer