Since Opening of the market weakness seen in the market and nifty opened gap down at 14471 as against previous close of 14557 (-86 points.) During the intra day nifty tested 14350 where confluence of support observed. On Fibonacci Entrancement levels nifty tested 23.6% entrancement and also the parallel line support. For understanding the confluence of support please refer the technical chart below. Form intra day low market recovered 438 points and made a high of 14788 and at the end nifty closed at 14744 levels with the gain of 186 points ( 1.28 %) higher from previous close.
In line with nifty Bank Nifty also opened Gap down at 33590 (-266) points) from previous close of 33856 & made a low of 33361 which is a previous gap support and recovered from days low and made a high of 34355 and closed at 34161 levels with the gain of 305 points (0.9%). Refer chart below
Large cap stocks like Reliance Industries, Hindustan Uniliver, NTPC, JSW Steel, Power Grid, ICICI Bank are among the top performers contributed in the index gain.
Majority of the indices closed in green today except reality index. Nifty Mid Cap gained 1.2%. Market ended in the favor of bulls on strong short covering move in the afternoon.
Options front for 25th March expiry across the board short covering was evident from the data. Options indicative range wider for bulls to 15500 with the highest open interest where most call writers shifted. From Options data 14700 and 14500 looks strong support for upcoming week with the positive bias resistance can be seen at 15000, 15100, 15200, 15300 & very strong resistance at 15500 levels.
India Vix closed at 19.8 down 1.8%, Nifty PCR stood at 1.21%.
Among the Top 2 F&O Gainers M&M Financial and NTPC are the TOP F&O gainers whereas PFC and Trent are the top losers in F&O.
Refer above chart of M&M Financial, gave flag and pole breakout and expected to give good movement in the coming days. (Refer below video on stock market analysis.) Alok Industries – The Vanguard Group Inc A/c Emerg. Market stock IndexFD a series of V I E I F brought 25215483 shares at Rs. 19.91. (Refer below video for more understanding)
