Good morning traders, we had a very good rally last day. The yesterday’s bank nifty data shows short-covering in CE and short build-up in PE as we can see the price of 30800 CE per below historical chart from nseindia website
30800 CE
30800 pe – Following statistics shows an increase in OI and a decrease in price which means short build-up happening on the PE side.
The cruises that were carrying the passengers have reported 2 deaths due to the coronavirus. In the global cues, current markets are running little negative but some of the indexes like NASDAQ touched a record high at the opening.
In the bank, nifty futures 30927 and 30668 will be interesting to watch as they were yesterday’s high and low. If prices are a break with large candles then we can expect some upside or downside rallies.
ALLCARGO has shown the indicators for the trend reversal. 111 seems to be a good position if it doesn’t break with the volume candle.
INDUSINDIA BANK
It is showing the consolidation phase and share could rally if it sustains until the Monday morning. In yesterday’s chart, we can clear the accumulation of shares. 1135 could be a good position to enter.
India VIX is running at 14.02 as of writing this report. If it touches 15.5 level then it will be worry scenarios for buyers in the market.
TORRENT PHARMA is taking the support of the 8 exponential moving average and getting consolidated. Unless it breaks the level of 2100, we can see more rally from this stock.
Glenmark Pharma has shown trend reversal after 300 levels and making recovery. It would be a good idea to hold the stock until it crosses 290 levels with big candles.
NITT technologies is getting consolidated at the 1880 levels and we could see some rally after the supporting stocks get more rally.
BPCL is holding support near 470 with 34 moving average. If it breaks below 450 with large candles due to negative sentiments in the market, then we can see it touching down 430 levels.
The following major stocks are going to announce their quarterly results. It will be waiting and watch a game for these stocks
Ambuja cement
Redington
