NSE Nifty 50 index is eyeing 16700 target in the present week to 26 August solutions expiry, which also occurs to be month-to-month futures and solutions expiry of August contracts. Even as Nifty is witnessing a slight correction on the back of weak worldwide cues, it has managed to stay above 16000 levels. Analysts see Nifty’s help at 16350 this week, even though 35000 for Bank Nifty index. Bank Nifty may perhaps face a hurdle at 36000 on the upside. Moreover, today’s closing would be important simply because analysts think that a weekly close beneath 16,400 will not augur properly for the market place. “Bank Nifty has seen nearly 10 lakh PUTS OI being added at 35000. The options data show that the Bank Nifty may trade in a range of 35000-35500 in the coming week,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told TheSpuzz Online.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
On the anticipated lines, the Nifty opened with a gap down but showed tremendous resilience as properly. Options information for as of now recommend that Place OI addition is seen at 16400 and huge Call writing is also seen at 16500. This signifies that the Nifty may perhaps stay trapped in this capped variety. However, searching at the PCR which is now properly beneath 1.20, the markets are poised in a healthful way and are unlikely to see levels beneath 16350-16400.
Looking at Bank Nifty, it has seen practically 10 lakh PUTS OI becoming added at 35000. This level is most likely to play out as help in the instant close to term. The solutions information show that the Bank Nifty may perhaps trade in a variety of 35000-35500 in the coming week.
Rajesh Palviya, VP– Research (Head Technical & Derivatives), Axis Securities
Nifty as per the present information has witnessed Long Unwinding with a value reduce of -.70% and reduce in OI of -3.05 lakh shares compared with Wednesday, even though Bank Nifty has also seen Long Unwinding with value reduce of -1.30% & OI unwinding of -.91 lakh shares. Nifty highest OI on the Contact side in the month-to-month expiry scheduled 26 August 2021, is at 16,500(56.41L) & 16,600(46.49L) strikes respectively wherein writing of 30.25 lakh shares & 16.15 lakh shares was witnessed indicating robust resistance zone at 16,500, even though on the Place side highest OI is at 16,400(54.97L) & 16,500(48.85L) strikes wherein writing of 25.33 lakh & 16.03 lakh share was seen at 16,400 & 16,300 strike respectively indicating a robust help zone.
In Bank Nifty the highest OI on the Contact side in the month-to-month expiry is at 35,500(16.97L), & 36,000(25.26L) strike even though on the Place side highest OI is at 35,000(20.62L) & 34,000(12.22) strike, with 35,000 acting as a pivotal level for the expiry as there has been addition of 10.94 lakh shares on Contact side & 10.46 lakh addition on Place side suggesting that any sustain move on either side of this level will determine the trend in Bank Nifty. While on the writing front, 34,500 place has seen writing of 11.96 lakh shares followed by 34,000 place writing 12.24 lakh shares indicating a robust help zone.
Sameet Chavan, Chief Analyst – Technical and Derivatives, Angel Broking
The worldwide markets began to turn a bit shaky following the FED minutes. As a outcome, we witnessed a decent gap down opening today. However, it was absolutely not as lethal as it was displaying at one point yesterday. Today’s close would be pretty important simply because a weekly close beneath 16400 will not augur properly for the market place. This will lead to some extended profit booking in the coming week. However if we managed to recover and close above 16550, this would be a sigh of relief for bulls. In our sense one need to keep light at this moment and preserve a close eye on the talked about scenarios. In any case, we advise traders to keep light and keep away from taking undue dangers for a even though.
Santosh Meena, Equity Research Head, Swastika Investmart
We are seeing the very first correction following a decent rally ahead of August month expiry on the back of weak worldwide cues but we are in a robust uptrend and every single dip is a obtaining chance till Nifty is trading above the 16000 mark. 16350 is an instant and robust help point which was an earlier breakout level and if Nifty manages to hold this level then we can anticipate a recovery in the market place even though 16150 will be the next help level. 16500 is the max discomfort level exactly where Nifty will attempt to expire August month series but if Nifty manages to trade above this level then we can anticipate a move towards the 16650-16700 zone even though if Nifty trades beneath 16350 level then we may perhaps anticipate expiry to finish on a weak note.
Bank Nifty has critical help at the 35000 level and if it manages to hold this level then we can anticipate a recovery but 36000 will stay a important hurdle in the upside. On the downside, 34500 is a important help and any decisive move beneath 34500 may perhaps lead to an ugly expiry.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
This week Nifty opened with a gap down of just about 170 points and Bank Nifty with a gap-down of 600 points. There is absolutely a possibility of a brief-term reversal doable. If Nifty closes beneath 16350, it may perhaps test 16200 and 16150 levels in the coming days. 16480 and 16550 will act as robust resistance for Nifty. Bank Nifty can test 34500 and 34200 in the coming week.
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