Pre Market Updates: Wednesday August 29
- Asian markets are trading on a flat note
- Yesterday Nifty50 gains led by index heavyweights Reliance Industries and HDFC
- But advance-decline ratio remained negative suggesting profit booking across the board.
- Both FII and Dii also in sell side
- Metal and mining stocks were in demand as copper prices rose in global commodity markets.
- Markets may go for a consolidation after a strong rally in the past two trading sessions.
- Heavy put writing was witnessed in strikes with 11700PE which indicates strong support levels for the Index gradually inching higher.
- We can expect markets to trade between yesterdays range.
Nifty50 forms ‘Doji’ type of candle on the daily candlestick charts.
After a long uptrend, the appearance of a ‘Doji’ candlestick can be an worrying sign that the trend has peaked or is close to peaking.
- Nifty max main level currently at: 11600
- Bank Nifty max pain level currently at: 28200
- Nifty PCR at 1.94 versus 1.84
- Nifty Bank PCR at 1.35 versus 1.44
- Nifty: 11800CE, 11500PE
- Bank Nifty: 28500CE , 28000PE