NIFTY & BANKNIFTY ANALYSIS

  

Report Day: 13-Sep-24

Trading Day: 16-Sep-24

CASH MARKER:

FII-Net BUY = 2364.82 Cr.

DII-Net BUY= 2532.18 Cr.

INDEX FO DATA

                                FII Effective LONG =  34.82 %

                                PRO Effective LONG = (-25.18%)

                                Client Effective LONG= (-14.77%)

Interpretation of Data:

In cash Market FII & DII has bought this is show the Institution think for bullish move may still continue.

Some news is getting factored in market, today's hold of market showing the strength to support. Now we need a positive closing across major indexes like NIFTY and BANKNIFTY.

FII has strong effective long position, which refer, they will support to the market for upside move, and Client has short position, it refer counter part to FII.

Since PRO data is on increased SHORT side percentage position, it refer that move will not be one sided, it will give small move and than correction and similar followed moves on the upside.

Technical Analysis NIFTY

Nifty Closes with a hold candle with slight in Red, that support for yesterday's strong breakout.

I personally feel that this may be start of another bullish move on daily chart, however the trend of NIFTY is in uptrend.

Strong Support    =    25050 to 25125 

IF GAP UP (+80)

Gap up will make trader book profit, we may initiate buy around 25175 to 25250

IF GAP DOWN (-80)

Gap down may create fear for long holder, this may generate some consolidation, therefor on gap down we may look for the price action.

IF OPEN FLAT (± 80) 

Flat opening will make hold for the position holder, and we may initiate buying above 25420, 

with price action, here I personally not looking to sell NIFTY.

Technical Analysis BANKNIFTY

Banknifty Closes in Green, it a good strength support to the yesterday's breakout move.  

This closing is also above the yesterday high, that is, after the corrected and breakout move. The trend of BANKNIFTY is in upside. 

Strong Support    =    51400 to 51550 

IF GAP UP (+150)

Gap up will make trader book profit, we may initiate buy only after some retracement and than

breaking above 52000, with price action entry.

IF GAP DOWN (-150)

Gap down may create fear for long holder, this may generate some correction, therefor on gap down we may look for the price action only. Look for range 51500 to 51600 to buy, but only based on the price action.

IF OPEN FLAT (± 150) 

Flat Opening will make hold for the position holder, and wait and watch situation to fresh trader. 

Now in this case, let the BANKNIFTY to make a range and break above 52000 with price action.

Since the bias is bullish, I personally look for bullish opportunity only.