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Trade setup for today: check these statistics before opening the market, it will be easy to catch profitable deals

In yesterday’s trade, the BSE Sensex closed at 57,420, up 296 points. At the same time, the Nifty 50 Index improved 253 points from its day low and closed at 17,086, up 82.50 points at the end of the trading session.

On December 28, the market was able to recover the previous day’s profit. The Nifty touched a level of 17,100, up 0.5 percent in the first intraday. The broader market also witnessed gains in this period, with the Nifty Midcap 100 Index gaining 0.44 per cent and the Smallcap 100 Index closing up 0.2 per cent.

In yesterday’s trade, the BSE Sensex closed at 57,420, up 296 points. At the same time, the Nifty 50 Index improved 253 points from its day low and closed at 17,086, up 82.50 points at the end of the trading session. This has created a bullish candle on the daily chart. Earlier, a gapdown opening was seen in the market yesterday.

Karan Gai of GEPL Capital Says that if we look at the price action, the index shows around 16,800 purchases. This is an indication that buying around this level may be seen in the coming trading sessions. Conversely, the zone of 17,200-17,300 will be important for the Nifty, which should be observed. Until the Nifty breaks the 16,800 or 17,300 level, it will be seen in our range and will continue to rotate between these levels.

Here’s a few basic facts about a stomp pad and how it works. It should be noted here that the open interest (OI) and stock statistics in this story are not just the current month, but a total of three months of data.

Key support and resistance levels for the Nifty

The first support for the Nifty is at 16,908.9 followed by the second support at 16,731.6. If the indicator goes up, it may face resistance at 17,187.8 and 17,289.4.

Nifty Bank

The first support for Nifty Bank is at 34,479.37 followed by the second support at 33,900.84. If the index bends upwards, it may face resistance at 35,390.07 and 35,722.23.

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