NSE, FUTURE, OPTIONS, BSE, MCX, CURRENCY

Market Highlight

03 May 2019

NIFTY : Nifty closed at 11712.25 down by 12.50 points. It was a range bounce market and whole day Nifty was trading in the range of 11730 to 11770, but after 2:30 pm we have seen some sell off in market and Nifty broken 11700 level and after making low of 11699.35 it closed above 11700 level. So from 26th April to till last Friday, Nifty closing around 11710 to 11750 level. It is getting hurdle at 11780-11790 level in higher side and getting support around 11660-11680 level. For coming week, 11660 and 11760 level would be important. If Nifty give closing above 11760 with volume buying in stocks then by Friday it will cross 11850 level, same in reverse case if close below 11660 level with profit booking in stocks then we can see level of 11560 to 11590 again in Nifty. So we feel that this week will be important for positional trader. If you are options trader then you can go long in weekly or monthly options of Nifty 12000 call or Nifty 11900 call if Nifty breaking resistance of 11790 with volume. Same one can buy Nifty 11500 put or 11800 put options if Nifty breaking the level of 11660 with volume.

BANKNIFTY : Banknifty closed at 29954.15 up 245.55 points. Compare to Nifty, we have seen good buying in banknifty. Banking stocks SBI, Bank of Baroda, ICICI Bank, Canara bank, Kotak Bank given boost to banknifty. Banknifty sustained above 30000 level for a long time but after 2:30 we have seen some selling in market and again it closed below 30000 level. For tomorrow 30050 and 30150 resistance level for Banknifty and 29800 / 29700 will work as support level for Banknifty. If you are option trader then one can make long position in Banknifty weekly options of 30000 call or 30300 call options if Banknifty break and sustain above resistance level. Since weekly options very volatile that trade as per market risk.

STOCKS : ICICI will post quarterly result so it will be trader favourite tomorrow. HUL result also announced on Friday, so we will see some fluctuation in this stock also. IT stocks in selling pressure and it may continue for coming week as currency going stronger day by day. Keep eyes on Bharti Airtel and Marico also.

02 May 2019

NIFTY : Nifty closed at 11724.75 down by 23.40 points. In opening trade we have seen some selling pressure in market and Nifty made low of 11699.55, but soon we have seen sharp recovery in market upto level of 11787-11788. After that whole day, we have seen expiry drama in market and finally Nifty closed at 11724. Nifty May contract closed at 11764. Intraday high for Nifty May contract was 11834.40 and low was 11735. For tomorrow, Nifty support 11700 / 11670 level and resistance 11765/11800 level. Tomorrow one can trade in Nifty weekly or monthly call options, if Nifty Future sustain above 11790 then one can buy weekly call options of Nifty 11800 / 11900 / 12000 strike price. If Nifty Future break the level of 11700 then go for weekly put options.

BANKNIFTY : Banknifty closed at 29708.60 down by 56.20 points. After opening below 29700 (at 29699.80), sharp recovery upto 29900+ level we have seen today. But later, we have seen some volatility in Banknifty and on weekly expiry day it closed down by 56 points. If we see last 5-7 trading session that we will find that Banknifty getting pressure at 30000 level and getting good support at 29500 level. So it is very important for Banknifty to break these level for any kind of break out or break down. Volatility will be maintained in coming days as election outcome there on 23rd May 2019. For tomorrow, Banknifty support at 29660 / 29500 and resistance at 29810 / 29910.

STOCKS : As crude down more than 3% in international market, so keep eyes on Oil Marketing companies BPCL, HPCL. Some others stock tomorrow to track tomorrow are Cipla, Voltas, PNB, Bank of Baroda, NCC. Adani group stocks Adani Port, Adani Enterprises, Adani power etc, also keep eyes on these stocks tomorrow.