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Market Crash -Nifty below 9000

  • Yesterday, the Indian benchmark was opened on a gap up note at 9,285.40 levels, witnessed some selling pressure that drifted it to a low near the psychological support of 9,000 levels. However, a pullback was witnessed and index made a high of 9,403 levels but index started erasing gains in last hour of the trading session and closed below the psychological support of 9,000 levels for the very first time since March, 2016. Most of the indices were closed on a negative note out of which media stocks eased 5.95%. Market breadth was negative as 621 stocks were advanced while 1,206 stocks were closed in the red.
  •  Maximum Call open interest (OI) of 15.35 lakh contracts was seen at the 10000 strike price followed by a 10500-strike price which 13 Lakhs. Highest call writing was seen at the strike price of 9500, at which 4.61 lakh contracts traded. Call option suggests 9500 will be next hurdle. Maximum Put open interest of 10 -lakh contract was seen at the 8100-Strike price followed by 9000 levels with 7.7 lakh open contracts. Highest put writing was seen at a strike price of 8500 at which total 4.74 lakh contracts traded. Put option suggests 8500 will act as a support.
  •  Today, Nifty50 futures is likely to remain in a range of 8,597.4 -9,202.6 levels as per the daily volatility of 3.40 levels. Formation of ‘Inverted Hammer’ candlestick pattern on daily scale, heavy additions to Put Writing at 9,000 levels and life-time high levels in daily volatility is hinting for some exhaustion in the downtrend. A breach of 9,360 levels will trigger the formation of ‘Inverted Hammer’ candlestick pattern and activate more buyers to a high of 9,470 and 9,600 levels respectively.
NamePrevious CloseSupportResistance
INDICES
Nifty508967.0588509100
Sensex30579.093046530680
Bank Nifty22155.202203022269
Nifty IT12099.301193012196
INDICES(INTERNATIONAL)
SGX Nifty900587009300
Dowjones21237.382070721715
 































NIFTY50





































































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