The market extended previous day’s gains in the morning and rallied over 100 points on the Nifty50, but erased all those gains in afternoon to close flat on November 15.
“On daily charts, Nifty has formed a small bearish candle, which indicates temporary weakness.
“We are of the view that the 20-day SMA would act as a trend decider level for the bulls, and above the same, the uptrend formation could continue up to 18,200-18,275 levels.
According to pivot charts, the key support levels for the Nifty are placed at 18,050.4, followed by 17,991.4.
The important pivot level, which will act as crucial support for the index, is placed at 38,500.3, followed by 38,298.2.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering.
Graphite India: ICRA reaffirmed the long term rating at AA+ and short term rating at A1+ for Rs 1,000 crore bank working capital facilities of the company.
Nine stocks – Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL and Sun TV Network – are under the F&O ban for November 16.