Post Market Update (03-11-2023)

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Nifty

Nifty exhibited a doji candle pattern and traded within a very narrow range, hovering just below the pivotal resistance level of 19,300 after an upward gap in today’s trading session. The index continues to be confined within the prescribed range of 18,800-19,300.

It is expected that a notable surge in short-covering will ensue should it breach the formidable 19,300 resistance. Notably, the likely resistance level stands at 19,300, while the immediate support zone is situated within the range of 18,900-19,000.

FII net sell stands at -12.43 crores and DII net buy stands at 402.69 crores.

Nifty Bank

The Bank Nifty persistently crafted a series of three consecutive doji candles, underscoring the prevailing uncertainty and lack of clear direction. It concluded the session with its closing point just shy of the crucial resistance range of 43,400-43,500.

Bank Index remain perched at a pivotal crossroads, poised for an upturn in momentum upon a breakout from the 42,500-43,500 range. The expected resistance materializes at 43,500 and next hurdle at 44000, and a nearby support base can be found at 42,500.

Midcap and Smallcap

In the day’s trading activity, both the BSE Midcap and Smallcap indices commenced with a notable gap-up opening, but they encountered formidable selling pressure at their respective peaks. It’s noteworthy that both Midcap and Smallcap have rebounded by nearly 5% and 6%, respectively, from their lowest points in the previous week.

The Midcap index now stands at a crucial juncture, with further upside momentum anticipated upon breaching the 32,000 level, which is anticipated to serve as a critical resistance point. Meanwhile, the Smallcap index encounters an immediate obstacle at the 38,000 level. In terms of probable support, the Midcap index finds it at 31,000, and the Smallcap index at 37,000.

PCR (Put-Call Ratio)

The Put-Call Ratio (PCR) for Nifty stands at 0.79, implying a condition of neutrality or a slight bullish bias in the market’s trajectory. Bank Nifty, on the other hand, boasts a PCR of 1.01, signifying a slightly bullish sentiment.

Notably, the Nifty exhibits its highest open interest in call options at the 19,300 strike, whereas the highest open interest for put options is observed at the 19,200 strike.

For Bank Nifty, call options are most prominent at the 43,500 and 44,000 levels, while the preeminent open interest for put options centers around the 43,000 strike in the context of the weekly expiration.

VIX (Volatility Index)

The Volatility Index (VIX) concluded at a level of 10.88, reflecting a decline of approximately 1.74%. This diminution in the VIX suggests a reduction in market volatility during the course of the current trading session.

Sectors Update

In today’s trading session, all major sectors culminated on a positive note, with the Realty and Media sectors outshining the others, displaying substantial gains of 2.5% and 1.4%, respectively.

Advanced Decline

The advance-decline statistics favored the bulls, with 1366 stocks advancing and only 184 declining during the day’s trading activities. This trend denotes a prevailing positive sentiment in the market.

About the Author

Ankit Jaiswal, our Senior Equity Research Analyst at Univest, brings over 8 years of experience in the stock market, financial analysis, and investing. With qualifications including the NISM Series VIII Equity Derivatives Certification and CMT Level 2, he’s a key asset, driving the insightful contributions to our research team.

Note – This channel is for educational and training purposes only & any stock mentioned here should not be taken as a tip/recommendation/advice

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