11-10-2023 05:22 PM | Source: Choice Broking
Closing Market Summary 11th Oct 2023 by Mandar Bhojane, Choice Broking
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Below the Quote on Closing Market Summary 11th Oct 2023 by Mandar Bhojane, Research Analyst, Choice Broking
The Nifty index continues to exhibit a bullish trend, maintaining its position above the channel breakout level. The positive trend is expected to persist as long as the index remains above the 19,800 level. On the upside, there is potential for the index to extend its gains towards the 20,000 mark. However, if it falls below 19,550, we may witness a period of consolidation.
In summary, both the Nifty and Bank Nifty indices are showing signs of a bullish reversal from the bottom. If Nifty manages to break the 19,850 resistance level, the next resistance can be expected around the 20,000-20,100 range. The immediate support zone for Nifty is 19,700-19,600. Bank Nifty, on the other hand, is consolidating at support levels, with a neutral candlestick pattern at the bottom, indicating a bullish reversal signal. The important support level for Bank Nifty is at 44,300-44,200, and the immediate hurdle lies at 44,800-45,000.
Among the top gainers on the Nifty were Hero MotoCorp, Wipro, Grasim Industries, UltraTech Cement, and Dr. Reddy's Laboratories. On the flip side, HCL Technologies, Adani Ports, SBI, Coal India, and TCS were among the losers.
The INDIA VIX showed a negative movement of 2.53 percent intraday and settled at 10.985.
The index has a support level around 19,700-19,750.When considering the Open Interest (OI) data, the call side has the highest OI observed at the 20,000 strike price, followed by the 19,900 strike price. On the put side, the highest OI is at the 19,600 strike price.For Bank Nifty, the support levels are at 44,300-44,200, while resistance is placed at 44,800-45,000 levels.
Above views are of the author and not of the website kindly read disclaimer
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