Trade setup for today: Consolidation may continue as long as Nifty remains below 22700, there will be a boom after crossing this hurdle

Market Trade setup: Nifty traded in a limited range and recovered losses and closed with a marginal decline of 0.1 percent on March 12. Overall, Nifty has been stuck in the range of 22,300-22,700 for almost a week. Nifty needs to break this range from either side to get a clear direction. If Nifty decisively goes below 22,300, then strong selling pressure is possible. In such a situation, Nifty can slip to 22,000-21,800. However, consolidation can continue as long as the index remains below 22,700. On the other hand, staying above this level can open the doors for a strong bounce towards 23,000. However, market experts also say that this seems less likely in the near future.

Here we are giving you some such figures on the basis of which it will be easy for you to catch profitable deals.

Key support and resistance levels for Nifty

Support based on pivot points: 22,365, 22,306 and 22,211

Pivot Point Based Resistance: 22,554, 22,612 and 22,707

Bank Nifty

Resistance based on Pivot Points: 48,185, 48,274, and 48,418

Support based on Pivot Points: 47,897, 47,808, and 47,664

Resistance based on Fibonacci retracement: 49,290, 50,282

Support based on Fibonacci retracement: 47,872, 46,078

Nifty Call Option Data

On weekly basis, maximum Call open interest of 1.33 crore contracts was witnessed at 23,000 strike, which will act as an important resistance level in the upcoming trading sessions.

Nifty Put Option Data

Maximum Put open interest of 1 crore contracts was witnessed at 22,000 strike, which will act as an important support level in the coming trading sessions.

Bank Nifty Call Option Data

Bank Nifty witnessed maximum call open interest of 18.4 lakh contracts at 49,000 strike, which will act as an important resistance level in the upcoming trading sessions.

Bank Nifty Put Option Data

Maximum Put open interest of 14.47 lakh contracts was witnessed at 48,000 strike, which will act as an important resistance level in the upcoming trading sessions.

FII and DII fund flows

The volatility index India VIX fell below the 14 mark and below all major moving averages. This is a favorable situation for the bulls. However, it needs to remain below this mark for the bulls to feel better. Yesterday it fell 2.7 percent to 13.69.

Put Call Ratio

The Nifty put-call ratio, which reflects the market mood, fell to 0.96 on March 12, while in the previous session it was at 1.09. It is worth noting that PCR going above 0.7 or crossing 1 is generally considered a sign of bullish sentiment. Whereas the ratio falling below 0.7 or towards 0.5 is a sign of bearish sentiment.

Stocks under F&O ban

Restricted securities under the F&O segment include companies whose derivative contracts exceed 95 per cent of the market wide position limit.

Stocks newly included in F&O ban: None

Stocks already included in the F&O ban: BSE, IndusInd Bank, Hindustan Copper, Manappuram Finance, SAIL

Stocks removed from F&O ban: None

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