Trade Setup for Today: Nifty at 7 weeks highest, a look at the strategy ahead

Market Trade Setup: On March 24, the benchmark Nifty 50 index in the Indian stock market closed at 23,658.35 with a gain of 1.32%, which is about seven weeks. This was the sixth consecutive trading session when the Nifty recorded a boom, which strengthened the trust of investors. citeturn0news10

Support and resistance level for Nifty:

• Support level based on point points:
  • First support: 23,495
  • Second Support: 23,430
  • Third Support: 23,325
• Resistance level based on pivot points:
  • First resistance: 23,705
  • Second resistance: 23,770
  • Third resistance: 23,876

Support and resistance level for bank Nifty:

• Resistance level based on pivot points:
  • First resistance: 51,818
  • Second resistance: 52,055
  • Third resistance: 52,439
• Support level based on point points:
  • First Support: 51,050
  • Second Support: 50,813
  • Third support: 50,429

Nifty option data:

• Call option data: A maximum call of 1.02 crore contracts has been seen open interest on a 24,500 strike on a monthly basis, which will work as important resistance level in the upcoming business sessions.
• Put option data: A maximum put open interest of 1.18 crore contracts has been seen on a strike of 23,000, indicating important support level.

Bank Nifty Option Data:

• Call option data: A maximum call of 16.39 lakh contracts has been recorded open interest on a strike of 53,000, which will work as important resistance levels.
• Put option data: A maximum put open interest of 20.64 lakh contracts has been seen on a strike of 50,000, which indicates important support level.

Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) Fund Flow:

Recent seasons have seen continuous purchases from FII, which has improved the market notion. Even on the domestic front, DII’s activism remains, which is providing stability to the market.

India vix:

Voltyness Index India Vix rose 8.9% to 13.7 on March 24, indicating increasing instability in the market. This level is still below 14 points, but investors need to be cautious.

Put-Call Ratio (PCR):

The Nifty’s put-kall ratio rose to 1.22 on March 24, which was 1.15 in the previous session. Typically, PCR crossing above 0.7 or 1 indicates a feeling of boom, while the ratio falling below 0.7 or 0.5 shows the feeling of recession.

F & o restricted stocks:

• New stocks involved: Nobody.
• Stocks already involved: IndusInd Bank.
• Stocks removed from the ban: Hindustan Copper, Polycab India.