Market Analysis 24 April 2019

Profit Booking and Shorts were added in Bank Nifty and Nifty

India VIX 24.65

Technically Bank Nifty is Weak.

Nifty is comparatively strong then Bank Nifty.

Nifty to outperform then Bank Nifty

Nifty did not violate 11550 technical point of support which adds for strength.

Highest open Interest of Bank Nifty for put is at 29500 and for calls is at 30000

Highest Open Interest of Nifty for Puts is at 11500 and 11600 puts and for calls is at 11600 and 11700.

Support for Nifty is at 11445-11550

Resistance for Nifty is at 11650-11652 , if crossed with strength can trigger short covering and extend rally till 10690. Huge Resistance stands at 11700.

Support for Bank Nifty at 29324 and it is already at support levels and would be interesting to see if it closes above 29500 but would be of less importance .

View: Sideways Movement expected.

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