NIFTY & BANKNIFTY ANALYSIS

      

Report Day: 22-Sep-24

Trading Day: 23-Sep-24

CASH MARKER:

FII-Net BUY = 14064.05 Cr.

DII-Net BUY= -4427.08 Cr. 

INDEX FO DATA

                                FII Effective LONG =  51.89 %

                                PRO Effective LONG = (-29.64%)

                                Client Effective LONG= (-33.58%)

Interpretation of Data:

In cash Market FII bought in huge quantity, this is showing the strength to the market, bullish move may still continue.

FII has increased strong effective long position, which refer, market may rally for upside, and Client has increased short position, it refer counter part to FII.

Good news for bulls, that PRO has significant short position they may try to hold the market near resistances.  

This 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 long strong bullish candle, 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 25200.

Strong Support    =    25475 to 25525 

IF GAP UP (+80)

Some profit booking may be observed in  first session of the market, as this may be a regular profit booking, we may expect a sideway or minor up move in second half. 

Gap up will be the strength for the market and will create panic to CE seller, market may move significantly further after making a bullish 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 25500 to 25575.

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 25850 with price action setup.

Technical Analysis BANKNIFTY

All time high and all time closing high in Banknifty, 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    =    52950 to 53050 

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 53125 to 53250 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 54100 with price action.

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