Wednesday, February 1, 2023
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HomeMarketStocksVolume profile indicates Nifty may find support around 17,900-18,000 zone

Volume profile indicates Nifty may find support around 17,900-18,000 zone

After a sturdy bounce within the US markets on Friday, Indian shares opened larger.

The bounce within the US market was aided by a broad risk-on sentiment within the area after US information hinted at much less aggressive fee hikes, with traders turning their focus to company well being as earnings season kicks off. A lot of the main sectorial indexes logged beneficial properties.
, a outstanding IT firm, was 3% larger, forward of its third-quarter outcomes. Early buying and selling noticed beneficial properties of greater than 1% in each the IT and metallic indexes.

Sensex gained 1.41% and closed at 60747.31 and Nifty was up by 1.35% intraday and closed at 18101.20 ranges whereas BankNifty additionally gained 0.93% and settled at 4,2582.75.

Apart from Nifty CONSR DURBL, all its different sectors ended within the inexperienced. Nifty IT, Nifty AUTO and Nifty METAL had been the main sectors with 2.71%, 1.19% & 1.33% beneficial properties, respectively.

In Nifty shares, M&M,

and had been the highest gainers whereas , and had been the prime laggards.
INDIA VIX has declined 2.48% intraday and settled at 14.65. The Put Name Ratio of Nifty stays snug at 0.93 ranges.

Quantity profile signifies Index might discover help round 17,900-18,000 zone. Coming to the OI Knowledge, on the decision aspect, the very best OI noticed at 18,200 adopted by 18,300 strike costs whereas on the put aspect, the very best OI was at 18,000 strike value. Alternatively, Financial institution Nifty has help at 42,000-42,100 whereas resistance is positioned within the 43,000-43,200 vary.

(The creator is Fairness Analysis Analyst at Alternative Broking)

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