Sunday, May 23, 2021

Nifty and BankNifty, Stock Market Outlook 24 May 21


 Nifty and BankNifty, Stock Market Outlook 24 May 21 ( Monday)

Stock Market Today 

Indian equity benchmarks showcased a courageous performance by rallying around two percent in the session and settled above the psychological 15,150 (Nifty) and 50,500 (Sensex) levels. 

The markets made a firm start of the day, on account of dip in daily Covid cases. The new infection count remained below the 300,000-mark for the fifth consecutive day in India.

Finally, the BSE Sensex rose 975.62 points or 1.97% to 50,540.48, while the CNX Nifty was up by 269.25 points or 1.81% to 15,175.30.

Nifty Outlook

Put Call Ratio - 27/05/2021

Put Open Interest57030.68 K
Call Open Interest46092.68 K
PCR Open Interest1.24
PCR OI ReadingStrong Bearish
Put Contracts Traded4086507.00
Call Contracts Traded4964810.00
PCR Volume0.823
PCR Vol ReadingBearish

Futures of NIFTY

Closing Price15206.20
Price Change272.95
Change %1.83
Future OI9934.28 K
OI Change %-4.78
Future Contracts128.43 K
Contracts Change27.05

Level Outlook

Friends as we discussed previously that the recent two days correction is a routine correction and we should prepared to utilized it as a buying opportunity  . We also discussed  on Thursday that 14902 is an important support in Nifty and  from there a sharp  reversal will be seen in the Nifty  and exactly Nifty behaved on our expectation  on Friday session.

We also discussed on Thursday  that in Friday reversal session Nifty can test 15034 - 15088  and Nifty moved on our expectation , but Nifty ran nearly 100 points more than our expectation and closed  at 15175. Friends this  extra 100 point move was more than our expectation. So Nifty can open gap down of nearly 100 points on Monday to fill this extra gap.

But if Nifty opens gap down then we should utilize this opening as a buying opportunity as overall sentiment and trend is still positive in upward direction. In upside 15247- 15278 is important resistance and  15112 is immediate support for Monday.

KNRCON | Stock Analysis And Price Outlook

BankNifty Outlook

Put Call Ratio - 27/05/2021

Put Open Interest11333.18 K
Call Open Interest10239.40 K
PCR Open Interest1.11
PCR OI ReadingStrong Bearish
Put Contracts Traded6252214.00
Call Contracts Traded9170808.00
PCR Volume0.682
PCR Vol ReadingNeutral

Futures of BANKNIFTY

Closing Price34763.15
Price Change1317.45
Change %3.94
Future OI1686.28 K
OI Change %19.18
Future Contracts206.45 K
Contracts Change74.98

Level Outlook

Our strategy will be same as we discussed  above for Nifty and we should  follow buy on dips strategy in BankNifty too.
In downside 34143 will be immediate support and 34894 - 35138 is important resistance for Monday.

Thanks for your Precious Time.

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Disclaimer- The information on this blog are based on my personal opinion and experience, it should not be considered professional financial investment advice and in no way it should be considered as a tip. We does not take any compensation of any kind whatsoever from any reader, user and company that are mention on this website. We are not SEBI registered financial advisor or analyst.

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