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Nifty likely to open lower; buy Balrampur Chini, Piramal Enterprises: Prakash Gaba

28 November, 2017 2:36 AM
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Nifty likely to open lower; buy Balrampur Chini, Piramal Enterprises: Prakash Gaba

Equity benchmarks managed to extend uptrend for the eighth consecutive session Monday, with the Nifty reclaiming 10,400 level. The Sensex rose 45.20 points to 33,724.44 and the 50-share NSE Nifty gained 9.80 points at 10,399.50.

India VIX fell down by 3.55 percent at 13.03. VIX has to cool down below 13-12.50 zones to get the market stability and next round of rally towards new high territory.

On the options front, maximum Put OI was seen at strike prices 10,300 followed by 10,200 strikes while maximum Call OI was seen at strike prices 10,500 followed by 10,400 and 10,600 strikes.

The Nifty50 futures on the Singapore Stock Exchange were trading 23.5 points lower at 10394 indicating a flat to negative opening for the domestic market.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10300-10260 and the resistance is at 10410-10585. On the other hand Bank Nifty has support at 25700 and resistance at 26200.

Source: moneycontrol.com

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