Nifty Mid-Day Market Analysis and Update: Nifty Open- 9234.05, High- 9277.85, Low- 9175.9Premkumar Ramachandran (Author) Published Date : May 07, 2020 12:43 IST
12:30 Mid-Day Market Analysis and Update:- Nifty Open- 9234.05, High- 9277.85, Low- 9175.9 & Last- 9201: Nifty Opened lower than the previous closing and started gaining momentum with BankNifty pulling the benchmark on early trades. NBFC, Banks, FMCG and Energy Stocks pulled the Index while Media and Pharma is trying to push higher. Nifty over past 2 hours is unable to cross 9250 an intraday high of 9240.25, till now.
Most Active stocks are Infratel, AdaniPorts, OFFS & IBHousing while HCL TECH which was higher since open had hives off all gains to trade around 0.8% lower. Long Built/up is seen on Escorts, UBL, PVR while Short Build is seen in HUL, Britannia & TataChem.
We have seen OI Spurt in Nifty 9000PE & 9300CE, BankNifty 19000PE and 20000CE. This suggests Nifty may have to get some resistance around 9270, 9301, 9340. Supports are visible at 9160, 9132 & 9110. More updates will be at 14:30. Stay cautious over any position and trade with proper TSL.