Traders Hoping To Stay Positive Bias 0 1319

Positive Points:

• Bank Nifty contracts witnessed a huge surge in opening interest, mainly fresh long positions.

Negative Points:

• Brent surges 1% to $59.48/bbl on OPEC output cuts. Further, hopes over truce in the trade war between the US and China also kept oil prices elevated.
• Indian Rupee depreciates 53 paise to 70.21/$.

Outlook:

• Banking & financials, auto, metals and pharma stocks supported the Nifty 50.
• Metal index is currently at a good support level from where a bounce cannot be ruled out, also is the case with sugar stocks which seems to be in the new round of momentum.
• PSU banks remained in limelight. Nifty Bank rose more than 200 points on account of improving NPA resolution along with capital infusion.
• January is seeing good participation by Institutions and markets showing upward trend.
• Traders hoping to stay positive bias as long as Nifty50 trades above 10700 on a closing basis.
• Nifty likely to face resistance at 10960 and support at 10820.

Nifty50 Chart Analysis:  Hammer candle

• Nifty formed Hammer candle on the daily charts.
• Trend reversal patterns
• The bears have lost control.

FII & DII Net Purchase / Sales

• FII: -553.78 CR
• DII: 698.17 CR

Options Data Tracking

Max Pain

• Nifty max pain level currently at 10800
• Bank Nifty max pain level currently at 27400

Put Call Ratio

• Nifty PCR at 1.16
• Nifty Bank PCR at 1.32.

Max O.I Strikes

• Nifty: 10500 PE and 11000 CE
• Bank Nifty: 27200 PE and 28000 CE

FnO Stocks under Ban

• ADANIPOWER
• JETAIRWAYS

FnO Earnings to Watch

• INDUSINDBK

Disclaimer: The views expressed by investment expert on https://www.rollnreel.com are his own and data available from nseindia.com. Rollnreel.com advises users to check with certified experts before taking any investment decisions.