Archives: StockReport

The 50 index incepted the week with the formation of an outside bar candle, however, the bearish implication was negated on Thursday following a gap-up opening as the price action recuperated 687 points from the weekly low of 20769. With this, the index closed higher for 6th consecutive week and remains extremely overbought. The VIX scaled 5.3% higher, and the volatility is anticipated to spike further on readings above 14.1. On the derivative front, the strikes of 21300PE and 22000CE have mounted the highest open interest. The bullish strength is anticipated to remain intact provided the support zone near 21000 remains intact.

Supp: 21280-21100-20930

Res: 21500-21800-22000

The week gone by witnessed a buoyant start to the week gapping up 334 points as the street cheered BJP’s stellar win in 3 out 5 state elections. The subsequent trading sessions traded higher and Nifty 50 marked a new life high of 21006. The VIX remained protean however it witnessed a muted closing. The index is anticipated to remain range bound provided the VIX surpasses 14.46 readings on a weekly closing. On the contrary, the bullish momentum is anticipated to continue further provided the immediate support near 20700 remains intact on a closing basis. 

Supp:20855-20680-20500
Res: 21000-21200-21600

The benchmark index soared to new life-highs to 20291 in the week gone by following a bullish breakout from the base of accumulation formed in the penultimate week. While the bull run extended for 4th straight daily sessions amidst positive global macros and declining crude, the VIX spiked 9.3% during the week. While the market status is now upgraded to a confirmed uptrend, it will be crucial that the index continues to sustain above the zone of 20222-19875 to continue the bullish momentum.

Sup: 20,222-20,100-19,875
Res: 20,350-20,450-20,600

The 50 index witnessed a muted opening for the week and consolidated in the range of 204 points with a declining volume trend throughout the week. The zone of 19800-850 continued to act as a strong supply zone and fended off the bulls throughout the week while on the derivative front, 19800 CE mounted the highest open interest. The VIX continued to trade at lower levels and closed in the proximity of its previously weekly range. All in all, it will be crucial for the index to decisively reclaim this zone to attract further bullish strength.
Supp:19700-19580-19435
Res: 19850-19990-20115

The 50-index opened on a jittery note following the Muhurat trading for the week. It retrieved its bullish strength from the weekly low of 19414 to pullback 460 points, however, the polarity level near 19850 acting as strong supply zone impeded the weekly rally yet another time. On the derivative front, 19800 CE mounted the highest open interest during the week. All in all, it will be crucial for the index to steer clear above the zone of 19850-19900 decisively on a weekly closing basis to attract further bullish strength until then we reiterate a cautious approach.

Supp: 19630-19480-19330

Res: 19850-19900-19990

The benchmark index opened on a buoyant note for the week gapping up nearly 135 points. Moreover, the price action traded in a narrow weekly trading range of 155 points with 78.6% retracement level of its prior swing high and low acting as immediate resistance. Going forward, the zone of 19435-19525 is anticipated to act as an immediate supply zone, and in contrast, the supports have been dragged above to 19330-19235 and sustenance above this zone only will attract further bullish momentum.

Supp: 19330-19235-18120
Res: 19435-19525-19620

The benchmark index saw a positive opening for the trading week, however, it largely remained range-bound within 336 points with the zone of 19235-19330 acting as the immediate supply zone. On the derivative front, the strikes of 19200 saw the highest addition in put OI while the strikes of 19300 saw the highest addition on the call side indicating immediate resistance. The index is anticipated to attract bullish strength on decisively reclaiming the zone of 19235-19330.

Supp: 19230-19020-18850

Res: 19330-19440-19620

The benchmark index started the week on a negative note breaching below the 100 DMA and the oppression continued for the next 2 trading sessions. However, the drawdowns showed resilience to 200 DEMA, and the week ended on a mild short recovery note rebounding from the average line. With this, the resistance has been dragged further lower to the zone of 19330-19235 and the index is anticipated to attract any bullish strength on reclaiming this zone decisively on a weekly closing basis. On the contrary, the levels of 18830 and 18600 are anticipated to act as strong support and a breach below this zone will invite further selling pressure.

Supp:18830-18600-18500
Res:19070-19230-19335

The benchmark index had a muted start to the week, however, it encountered stronger rejection near 19850 where the price action observed the formation of a bearish island and added 2 distribution days during the trading week. With this, the supply zone has been dragged lower to 19900-19850, and reclaiming this zone to attract bullish strength will be of cardinal importance. On the contrary, the selling pressure is anticipated to intensify on a weekly close below the institutional support level of 19330.

Supp: 19500-19450-19330
Res: 19670-19850-19990

The 50 index opened under selling pressure owning to the Israel-Hamas war, however, the index managed to pull higher amidst the pullback rally. The upside remained capped ahead of the 38.2% retracement level of its prior swing high and low while the VIX surged 3.8% during the week. The consecutive gap-down areas in the last throwback rally from the life-highs are anticipated to act as stronger resistance zone. It will be crucial that these gaps be decisively filled and reclaimed to attract bullish strength.

Supp:19770-19700-19650
Res:19840-19900-19990