Nifty needs to hold above 16850 to scale 17200-17350 zone; watch Infosys, IOC, Axis Bank for action

2023-06-15

By Shivangi Sarda

The Nifty 50 index opened positive on Wednesday and held its gains at higher zones but remained stuck in a narrow range of 100 points in the first half. The last hour saw a quick pullback move and it inched towards 17000 zones. It gave the highest daily close of the last 14 trading sessions with intraday gains of around 310 points. It formed a Bullish candle on the daily scale and has been forming higher highs from the last three sessions.

Bank Nifty needs to hold above 35750 

Bank Nifty opened gap up and headed towards 35800 zones in the initial tick. Heavyweight banking stocks performed well and drove the upward movement. It closed with gains of around 730 points. It formed a Bullish candle on daily scale and has been making higher highs – higher lows from the last three sessions.

For weekly Bank Nifty, Maximum Put OI is at 34000 then 33000 strike and maximum Call OI is placed at 36500 then 36000 strike. We have seen Call writing in 35800 with significant unwinding at 35500 while Put writing is witnessed at 35500 strike. Now it has to hold above 35750 zones, for an up move towards 36000 and 36250 zones whereas support can be seen at 35500 and 35250 zones.

Watch stock specific action in ….

On the sectoral front, all the sectors traded in the positive territory out of which Realty, Metal, Banking and Auto stocks showed the most strength. Now Nifty has to hold above 16850 zones, for an up move towards 17200 and 17350 zones whereas support exists at 16666 and 16500 zones. Nifty and Bank Nifty are witnessing positive to range-bound movement and needs to hold at key zones. Traders are advised to apply a ‘buy on decline’ strategy and watch stock specific action in Ultratech Cement, Axis Bank, Hindalco, Infosys, Tech Mahindra, IOC, Bajaj Auto, and Indusind Bank.

(Shivangi Sarda is an Analyst – Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)

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