NIFTY & BANKNIFTY ANALYSIS

     

Report Day: 19-Sep-24

Trading Day: 20-Sep-24

CASH MARKER:

FII-Net BUY = -2547.53 Cr.

DII-Net BUY= 2012.86 Cr.

INDEX FO DATA

                                FII Effective LONG =  35.49 %

                                PRO Effective LONG = (-19.01%)

                                Client Effective LONG= (-21.91%)

Interpretation of Data:

In cash Market DII bought in good quantity, this is showing the support to the market, bullish move may still continue.

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

Good news for bulls, that PRO has significantly covered their short but short are still their, 

This new dynamics suggest that a short covering move may be due by expiry, as strong hand may neutralize their position by monthly expiry.  

Technical Analysis NIFTY

Nifty Closes in green with a bearish candle with hold candle setup, forming higher high & higher low. Stable for further up move.

The trend of NIFTY is in uptrend. Looking for the up side trade only further.

NIFTY may be in up trend until it breaks 24800.

Strong Support    =    25275 to 25350 

IF GAP UP (+80)

Since the profit booking is observed in  the market, as this may be a regular profit booking because there are no negative for the market. 

Gap up will be the strength for the market and will create panic to CE seller, market may move significantly further after making a price action.  

IF GAP DOWN (-80)

Gap down may create fear for long holder, this may generate some consolidation and further profit booking, therefor on gap down we may look for the price action entry or we can initiate buy near 25275 to 25350.

IF OPEN FLAT (± 80) 

Flat opening will make hold for the position holder, market me be in consolidation or profit booking, we may look for buy entry above 25500 with price action setup.

Technical Analysis BANKNIFTY

Banknifty Closes positive, it show strength of the market. Component of NIFTY are also looking bullish.

The trend of BANKNIFTY is UP, Looking for the up side trade only. 

Strong Support    =    52500 to 52600 

IF GAP UP (+150)

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

and make a range or any power price action candle or HHHL pattern.

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 52700 to 52800 to buy, but only based on the price action entry.

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 53200 with price action.

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