Bullish momentum reigns with immediate resistance for Nifty at 10,150
DSIJ Intelligence / 01 Aug 2017
Nifty managed to open above the 10,100 mark at 10,101. The 50-stock index has opened well above its previous day’s high of 10,085.
Nifty managed to open above the 10,100 mark at 10,101. The 50-stock index has opened well above its previous day’s high of 10,085.
Immediate resistance level may be placed at the 10,150 mark while the strong support level may be placed at the psychologically pivotal mark of 10,000.
On the derivatives front, Nifty futures of August series was trading at a premium of 31 points while it had closed at a premium of 26 points in the previous trading session. On the options’ front, maximum open positions are seen at Nifty August 10,100 CE, 10,200 CE and on the put side 9,900 PE and 1,000 PE.
Maximum put writing at 9,900 and 10,000 has been signalling bullish sentiments in the market.
Tech Mahindra is the top gainer in the Nifty 50 index, trading at Rs 411 per share, up by Rs 25.15 per share or 6.52%. Major IT stocks have been pushing the indices in the market with heavyweight TCS leading the charts. ICICI Bank, ITC and HDFC Bank are also contributing to the Nifty and Sensex gains.