Nifty has to hold above 24100 zones for an up move towards 24400 then 24600 zones while supports are placed at 24100 then 23900 zones

Motilal Oswal Team Mumbai

Nifty index opened positive and bulls took over right from the initial tick and witnessed a spectacular move of 475 points. It went on to cross 24200 zones and closed with gains of around 450 points. It formed a big bullish candle on daily frame and has started to form higher highs – higher lows from the last two sessions.

Now it has to hold above 24100 zones for an up move towards 24400 then 24600 zones while supports are placed at 24100 then 23900 zones.

On option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23800 strike. Call writing is seen at 24200 then 24800 strike while Put writing is seen at 24000 then 24200 strike.

Option data suggests a broader trading range in between 23800 to 24600 zones while an immediate range between 23900 to 24400 levels.

The S&P BSE Sensex started the day on a positive note and moved higher steadily. Every small dip during the day was quickly bought, helping the index close near its highest point of the day with a gain of around 1400 points.

It formed a strong bullish candle on the daily chart showing positive market sentiment. Now it has to hold above 79600 zones for an up move towards 80200 then 80500 zones whereas supports are placed at 79600 then 79400 zones.

Bank Nifty Index opened on a flattish note but witnessed strong buying interest throughout the session to extend the momentum towards 51650 zones. It formed a strong bullish candle on daily scale and ended with gains of around 540 points.

Index has got stuck in between its 50 DEMA and 200 DEMA from the last nine trading sessions and is likely to oscillate within this wider range. Now it needs to hold above 51500 zones for a bounce towards 52000 then 52250 zones while on the downside support is seen at 51250 then 51000 levels.

Nifty future closed positive with gains of 1.56% at 24270 levels. Positive setup seen in Eicher Motors, Bajaj Finserv, Bajaj Finance, Maruti, Ashok Leyland, Jubilant Food works, TVS Motors, PB Fintech, United Spirits, Muthoot Finance, Infosys, HCL Tech and M&M while weakness in Petronet LNG, Adani Total Gas, SJVN, Union Bank, Dr. Lal Path Labs, Jindal Stainless, JSW Energy, Crompton, Tata Chemical, and Cyient.