InCred shares

Nifty 50 Overview:

•\u0009Resistance levels: 24,622, 24,650, 24,694 (based on pivot points)

•\u0009Support Levels: 24,534, 24,507, 24,462 (based on pivot points)

•\u0009Market sentiment: As long as Nifty 50 stays above 24,500-24,550, it is likely to rise towards 24,700-24,800. A drop below 24,400-24,300 zone could trigger further downside.

•\u0009Candlestick Pattern: Despite the formation of a bearish candlestick pattern, the Nifty continued its pattern of higher highs and higher lows, a positive indicator if it remains above the key moving averages.

Bank Nifty Overview:

•\u0009Resistance levels: 50,630, 50,735, 50,905 (based on pivot points)

•\u0009Support Levels: 50,290, 50,185, 50,016 (based on pivot points)

•\u0009Market Sentiment: The Bank Nifty is likely to consolidate unless it breaks above the key moving averages. A break of these levels could increase the momentum.

Option data:

•\u0009Nifty Call Options: Maximum open interest at 25,000 strike, indicating a strong resistance level. Significant call writes at 24,600 suggest a near-term cap at this level.

•\u0009Nifty Put Options: Maximum open interest at 24,000 strike, marking a strong support level. High put writing at 23,900 could strengthen support in this area.

•\u0009Bank Nifty Call Options: Strong resistance at 50,500, 51,000 and 51,500 strikes.

•\u0009Bank Nifty Put Options: 49,000 and 50,000 strikes act as key support levels, with significant put writing at 50,400 suggesting support near this level.

Market indicators:

•\u0009Put-Call Ratio (PCR): A decline to 1.17 suggests a shift toward bullish sentiment, but caution remains.

•\u0009India VIX: Volatility continues to decline, favoring bullish trends.

Strategy:

•\u0009For Nifty 50: Watch for sustained levels above 24,500-24,550 for a possible upside. A break below 24,400 could indicate a bearish move.

•\u0009For Bank Nifty: Watch for consolidation around key EMAs. Breaking above these levels can trigger momentum.

Stocks to watch:

•\u0009Long Setup: 62 stocks showed signs of long positions, indicating potential bullish opportunities… BSOFT, BalramChn, HindCoper, NALCO, Glenmrk, etc.

•\u0009Long Unwinding: 17 stocks witnessed a decline in Open Interest (OI) and a fall in price, indicating long unwinding… IndHot, JublFood, HDFCLife, AdaniEnt, Coromandel, SBILife, IndiaCem etc.

•\u0009 Short Position Buildup: 51 stocks saw an increase in OI along with a decline in prices, indicating short position buildup. IndusIndBk INDIGO, HDFCAMC, GujGas, Astral, M&M, ApolloTyyre etc.

•\u0009Short Covering: 55 stocks showed short covering indicating possible price rise… PEL, AartiInd, HeroMoto, GAIL, TATASTEEL, VOLTAS, BIOCON etc.

•\u0009High Delivery Ratio: Focus on stocks with high delivery ratio for potential long term investment opportunities… Indigo, M&MFin, HUVR, BhartiArtl, SunPh, Dabur, DalBharat, IndusIndBk, Trent, Navinfluor.