Nifty Analysis
The Nifty 50 Index ended the week on a negative note. It opened the session gap up on Monday and continued the momentum until the next session's open, where it found heavy selling pressure and slipped lower sharply. The bears continued to dominate for the rest of the week. The index posted three red candles to finally end the weekly session 0.73% down.
The gap area placed at the 10,750 level will act as an immediate resistance level for the index. This is what happened. Although it traded above the gap area, it couldn't sustain it even for an hour. It immediately slipped lower and traded with a negative bias.
Now the index is approaching the 10,400 - 10,500 zone. This zone which acted as a resistance on the way up will now act as a support for the index.
The gap area placed at the 10,750 level will act as an immediate resistance level for the index. This is what happened. Although it traded above the gap area, it couldn't sustain it even for an hour. It immediately slipped lower and traded with a negative bias.
Now the index is approaching the 10,400 - 10,500 zone. This zone which acted as a resistance on the way up will now act as a support for the index.
Nifty Options Analysis :
Support : 10500 Resistance : 11000
MAX OI Contracts :11000 CE - 57.92 Lakhs OI Contracts & 10500 PE -48.08 Lakhs OI Contracts
Sentimental Indicators:
INDIA VIX = 13.25
TRIN : 0.43
NIFTY OI PCR : 1.17
TRIN : 0.43
NIFTY OI PCR : 1.17
Fundamental Indicators:
PE RATIO : 26.36
PB RATIO : 3.65
DIV YIELD : 1.21
PB RATIO : 3.65
DIV YIELD : 1.21
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