Nifty Daily Update 24 Oct 2017. Nifty closes above 10200

Big Picture Oct 24th

The Nifty gained ~23 points to close above the psychological 10200 mark at 102070.70. The broad market indices were green except for Nifty Next50. Today the small caps was the top gainer ending 1.18% higher. Among the sectors, PSU Banks gained 3.79% while IT lost 1.03%. Pharma and Auto gave company to IT as the three sectors ended in red today.

The advance decline ratio was 1.27 (positive) and the 52W HiLo % was 84.26% (81% yesterday). 


Candle Stick Analysis


  • Another neutral day and the suspense continues. 
  • The range of the day was narrower than average. The close was below open creating a bearish spinning top. 
  • The upper and lower wicks and small body with a close at  mid-range level indicates continued balance between demand and supply.
  • The day was an Up Day i.e. The Index traded mostly above the prior day close and it finally closed ~23 points from yesterday's close.
  • The volumes were above average. The bulls have continued to absorb the supply at the higher levels, creating more effort for the bulls to maintain the uptrend.
  • Close above 10,200 is a psychological victory for the bulls.
  • The series of spinning tops at the peak indicates the level of pressure felt by the bulls. 

Trend and Momentum Analysis

  • The above chart now has key moving averages plotted as well as the RSI reading.
  • The Index is comfortably above the key moving averages
  • The RSI reading is bullish.

India Vix and Nifty Options Data

  • India Vix closed bullish with a drop of ~6% to close at 11.59
  • The Put Call Ratio was oversold at 1.67 (Bullish)
  • The trading Put Call Volume stood at 1.09
  • Max Pain continues at 10100 (probably expiry strike price)
  • Short build up at 10200 Put Strike by more than a million puts indicates an attempt to provide the support at 10200 before expiry
  • Long build up at 10250 Call Strike indicates bullish sentiment on Nifty
  • The support strike price continued at 10000 while the resistance has now moved to 10300
  • Options market indicates bulls are trying their level best to close Oct above 10200 and then rally further in the new expiry.

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Disclaimer :

This blog is for educational and awareness purpose only. The views are intended for discussion and exchange of views rather than an expert opinion. This is not an recommendation to buy or sell or invest in the stock market and derivatives market. Kindly exercise caution and perform your own due diligence before investing in the market, after fully and clearly understanding the risks involved.

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