Top 15 Things to Know Before the Opening Bell Today
15 Things to Know : The Nifty 50 rebounded strongly on March 11, recovering 183 points from its day’s low and closing 38 points higher. The index found support at the 22,300 zone, but overall market breadth remained weak. If Nifty continues its upward movement, 22,700 will be a key resistance level. A breakout above this level could lead to a rally toward 23,000, while consolidation may persist with support at 22,300-22,250.
To help traders make informed decisions, here are the 15 key data points to watch before today’s market opening:
1) Key Levels for Nifty 50 (22,498)
- Resistance Levels: 22,524 | 22,573 | 22,652
- Support Levels: 22,366 | 22,317 | 22,238
Special Formation:
Nifty formed a bullish candlestick pattern with above-average volumes. It closed above the 5-day and 10-day EMAs, indicating potential strength. However, a strong uptrend will be confirmed only above the 20-day EMA at 22,650. The RSI at 40.81 shows some improvement, while the MACD has given a positive crossover but remains below zero.
2) Key Levels for Bank Nifty (47,854)
- Resistance Levels: 47,987 | 48,064 | 48,188
- Support Levels: 47,737 | 47,660 | 47,536
Special Formation:
Bank Nifty fell 363 points and formed a Doji candlestick pattern, signaling market indecision. The index traded below all key moving averages and hit a fresh 9-month low. The overall sentiment remains weak unless a strong reversal occurs.
3) Nifty Call Options Data
- Max Call Open Interest (OI): 23,000 strike (1.5 Cr contracts) – key resistance
- Max Call Writing: 22,900 strike (41.11 lakh contracts)
4) Nifty Put Options Data
- Max Put Open Interest (OI): 22,200 strike (1.1 Cr contracts) – key support
- Max Put Writing: 22,200 strike (48.15 lakh contracts)
5) Bank Nifty Call Options Data
- Max Call Open Interest: 49,000 strike (17.01 lakh contracts) – resistance
- Max Call Writing: 48,000 strike (4.37 lakh contracts)
6) Bank Nifty Put Options Data
- Max Put Open Interest: 48,000 strike (14.61 lakh contracts) – support
- Max Put Writing: 47,800 strike (2.59 lakh contracts)
7) Institutional Fund Flows
| Category | Net Buy/Sell (₹ Cr) |
|---|---|
| FIIs (Foreign Investors) | -523.78 (Net Sell) |
| DIIs (Domestic Investors) | +412.15 (Net Buy) |
Foreign investors continued selling, while domestic investors provided some buying support.
8) Put-Call Ratio (PCR)
The Nifty PCR rose to 1.09 (from 0.91), indicating increasing bullish sentiment. A ratio above 1 suggests more Put selling, implying confidence in the market.
9) India VIX (Volatility Index)
India VIX climbed 0.63% to 14.07. A sustained rise above 14 suggests caution for bulls, as it reflects rising volatility.
10) Long Build-up (54 Stocks)
An increase in open interest and price signals a long build-up. Traders are betting on further upside in these stocks.
11) Long Unwinding (22 Stocks)
These stocks saw both price and open interest decline, suggesting traders are exiting their long positions.
12) Short Build-up (45 Stocks)
Short positions were created in 45 stocks as price declined along with increased open interest.
13) Short Covering (100 Stocks)
These stocks saw an increase in price but a decline in open interest, indicating that traders are closing short positions.
14) High Delivery Trades
Stocks with high delivery percentages indicate strong investor interest. Keep an eye on these stocks for potential medium-to-long-term moves.
15) Stocks in F&O Ban
- Newly Added: IndusInd Bank, SAIL
- Retained: BSE, Hindustan Copper, Manappuram Finance
- Removed: None
Frequently Asked Questions (FAQs)
1. What is the key resistance level for Nifty today?
The key resistance levels for Nifty are 22,524, 22,573, and 22,652. A breakout above 22,700 could push Nifty toward 23,000.
2. Why is Bank Nifty under pressure?
Bank Nifty closed 363 points lower and formed a Doji pattern, reflecting market indecision. It is also trading below key moving averages, signaling continued weakness.
3. What does the rising Put-Call Ratio (PCR) indicate?
The PCR increased to 1.09, suggesting more Put writing than Call writing, which is generally a bullish indicator.
4. What does an increase in India VIX mean for traders?
India VIX rising to 14.07 signals higher market volatility, meaning traders should be cautious as sudden price swings could occur.
5. Which stocks are under the F&O ban today?
The stocks under the F&O ban include IndusInd Bank, SAIL, BSE, Hindustan Copper, and Manappuram Finance.
Final Thoughts
The Nifty 50 and Bank Nifty remain at crucial junctures, with resistance levels acting as barriers for further gains. While indicators like the Put-Call Ratio and India VIX suggest mixed sentiment, traders should closely watch key support and resistance levels. Stay cautious, manage risk effectively, and trade with proper stop-loss levels in place.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.