Tomorrow budget and today Adani FPO Closure so volatility will be high and thus sl will be large. So, it is better to avoid trading today. Make use of our Nifty and Bank Nifty Technical Outlook and start minting profit with us using our options which require a small capital.
FM Nirmala Sitharaman will be presenting economic survey in parliament today.
Nifty (Spot):
The technical structure is weak, but yesterday's low around 17400 is an important support.
200-DMA around 17300 is the next critical support level.
Bank nifty (Spot):
Banknifty holds a psychological level of 40,000 on a closing basis.
However, 40800 is an immediate hurdle; above this, 41500 will be the next major hurdle.
200-DMA around 39000 is the next critical support level.
The SGX Nifty is indicating a gap-up opening. Nifty has to sustain above yesterday's high of 17709 for any short-covering rally.
17950-18000 is a critical resistance zone
Nifty options live update
CMP 17635 currently high put oi standing at 17500 and highest call oi standing at 17800 calls , and at present 17600 call and put have same oi standing which is 43 lac a move above 17650 and sustain above it for 15-30 mins we may see more short covering and upside move which may take nifty towards day high which is 17735 and a break above 17735 spot we may head towards 17800 whereas now downside 17560—17530 has become imp intraday support as per the options data till nifty trading above 17560—17530 spot it has a bright chance to give today's close at or above 17735 spot levels let see..
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