The first support for Nifty Bank is at 38,926.53 followed by the second support at 38,522.57. If the index moves upwards, it may face resistance at 39,560.53 and 39,790.57.
The post-budget rally in the market continued on 2 February. The market rose more than 1 percent in yesterday’s transaction. Yesterday’s transaction increased for the third day in a row. Most sectors have supported the budget proposal. In addition to large stocks, small and medium stocks also rose in yesterday’s rally. Yesterday, the Nifty Midcap rose 1.18 percent and Smallcap 1.44 percent
On February 2, the Sensex closed at 59,558.3, up 695.76 points or 1.18 percent. At the same time, the Nifty closed at 17,780, up 203.20 points or 1.16 percent. The Nifty made a bullish candle on the daily chart yesterday. Rajesh Palvia of Axis Securities said the Nifty has made a bullish candle on the daily chart and closed above the previous day’s high, which is a sign of continuity in the market. On the overall chart, the Nifty is showing an upward trend and forming a higher top and a higher bottom series, indicating a positive trend in the market. For the Nifty, there is significant support in the 17,674-17,622 zone. We expect the Nifty to see levels of 18,000-18,100 in the near term. Rajesh Palvia advised short-term traders to hold their long positions with a stop loss of 17,600. The 17,600 has significant support for the Nifty.
Here’s a few basic facts about a stomp pad and how it works. It should be noted here that the open interest (OI) and stock statistics in this story are not only the current month, but a total of three months of data.
Key support and resistance levels for the Nifty
The first support for the Nifty is at 17,705 followed by the second support at 17,630. If the indicator goes up, it may face resistance at 17,824.8 and 17,869.6.
The first support for Nifty Bank is at 38,926.53 followed by the second support at 38,522.57. If the indicator goes up, it may face resistance at 39,560.53 and 39,790.57.
Call Alternative Data
The highest call open interest of 18.98 lakh contracts was seen in the strike of 18000, which will serve as a significant resistance level in the February series. After that, the highest call open interest of 13 lakh 6 thousand contracts is seen in 16 thousand 500. At the same time, 17,500 strikes have 10.61 lakh contract calls open interest.
Call writing can be seen during the strike of 1800. The strike added 1.72 million contracts. This was followed by 18,600 additions to 1.04 lakh contracts.
17,500 strikes saw maximum call unwinding. This was followed by maximum call unwinding at 18000 and then 17,600 strikes.
Keep alternate data
The 16,500 strike saw the highest put open interest of 40.49 lakh contracts, which would serve as a key support level in the February series. After that, the maximum put open interest in 25.92 lakh contracts is 17,000. At the same time, 17,500 strikes have put open interest of 20.29 lakh contracts.
Put can be seen writing during the strike of 1800. The strike added 3.94 million contracts. This was followed by 1.19 lakh contracts at 17,200. Where 16,900 93,300 contracts are attached.
The highest put unwinding was witnessed at 16,500 strikes. This was followed by unwinding the maximum at 17,000 and then at 16,800 strikes.
FII and DII statistics
On February 2, foreign institutional investors sold Rs 183.60 crore in the Indian market. At the same time, domestic institutional investors bought Rs 425.96 crore on the day.
The stock is subject to F&O sanctions on the NSE
As of February 3, there are no stocks on the NSE under F&O sanctions. These include Escorts, Indiabulls Housing Finance and Vodafone Idea. Note that stocks included in the F&O segment are placed in the restricted category if the positions of the securities exceed their market wide position.
Mixed signals from the world market
There are mixed signals from the world market. In Asia, NIKKE traded down half a percent and SGX NIFTY traded down about a quarter. On the other hand, the Dow closed as strong as the fourth day in a row in the US yesterday. The NASDAQ FUTURES dropped 350 points due to poor results from the S&P 500 and Nasdaq, META.
The Nifty may expire between 17700-17900
The market will keep an eye on the first weekly period after the budget. According to a CNBC-Voice Traders poll, 80% of experts believe that the Nifty could be between 17700 and 17900.
Good results for TATA customers
Tata Consumer results in the third quarter were better than expected. 4.5% growth is possible in REVENUE. Profit increased by 22% to Rs 290 crore. Margins have also shown good growth. The stock has risen more than 3% in 1 week.
ITC and TITAN results will come today
ITC and Titan Q3 results will be released today. ITC’s profit could increase by 6%. Margin improvement is possible. Cigarette production is expected to increase by 6 to 7%. DOUBLE TITAN may have benefits, MARGIN may also have an edge. ITC and TITAN increased by about 6% in 1 week.