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Trade Setup for Wednesday: Top 14 highlights know before Opening Bell

 

On September 8 The market removed profits in the last hour of trade and end the session on a negative note due to India-China border tensions and weak global indication sentiment.The Bombay Stock Exchange Sensex was fell by 51.88 points at 38,365.35, Whereas the Nifty50 lower by 37.60 points to 11,317.40 and formed burish spill on daily charts.

According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities told to “Geographical political conditions always call the sale or
of a long position. But for the second time , the Nifty closed below the 20-day SMA support, which is red alert and could challenge further weakness at 11,100 level”.CLOSE

He added that traders should either be stock specific or intraday traders.
Stocks of Technology and Reliance Industries has supported the market, but the metals, pharma, and select banks, auto and FMCG stocks was not in favour of Market.

Key support and resistance levels on the NiftyThe Pivot charts shows that the key support levels for the Nifty is established at 11,259.47, followed by 11,201.63. If the index magnifying the key resistance levels to watch out for are 11,406.17 and 11,495.03.

Nifty Bank

The underperformance of Bank Nifty against Nifty50 continued on September 8 also, decreased from 200.65 points to 22,744.40. The important pivot level, which will act as crucial support for the index, is placed at 22,569.13, followed by 22,393.87. On the upside, key resistance levels are placed at 22,991.93 and 23,239.46.

Call option data

Maximum Call open interest of 20.16 lakh was seen at 11,500 strike, which will act as crucial in the September series.This is followed by 12,000 strike, which holds 16.23 lakh contracts, and 11,800 strike, which has collected 15.23 lakh agreement. Call writing was seen at 11,400 strike, which added 1.97 lakh bond that was followed by 11,900, which raised 60,000 agreement, and 12,100 strike, which added 57,300 bond.

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