Mid Cap Nifty Select Analysis for 19-08-2024: S & R Levels

8月18日

On Friday, the Mid Cap Nifty Select Index closed at 12,724.85, marking a significant increase of 1.64% from its previous close of 12,520.10. The day's trading saw the index opening at 12,624.45, reaching a high of 12,734.35, and a low of 12,572.60.
Technical Indicators for Mid Cap Nifty Select:
Max Pain: 12,700
PCR (Put-Call Ratio): 1.01 Bullish
IV (Implied Volatility): 11.45 as of the closing on 16-08-2024.
Support Levels
Midcap Nifty Select Index is already in bullish domain with key support levels around 12,600 and 12,500.
Resistance Levels
If the index sustains above these levels, a pullback towards the resistance levels of 12,800 is possible.
Top Gainers and Losers:
Top Gainers:
Ashok Leyland led the gainers with a 3.85% rise, closing at ₹255.95.
Balkrishna Industries followed, up by 1.84% to ₹2,832.55.
Hindustan Petroleum Corporation Ltd (HPCL) also performed well, gaining 1.81% to close at ₹379.85.
Top Losers:
Aurobindo Pharma was among the few decliners, down 1.12% to ₹1,502.75.
Other notable losers included companies like AU Small Finance Bank, though the percentage loss was relatively minor.

Possible Trade Prediction for 19th August 2024:
A bullish trend seems to be in place. The key support level is identified at 12,600, with resistance around 12,800. If the index opens around these levels, traders should watch for a break above 12,800 for further bullish momentum. Conversely, a failure to hold 12,600 could indicate a potential retracement.
Technical Parameters:
Moving Averages: The 50-day and 200-day moving averages are both trending upwards, signalling continued strength.
Relative Strength Index (RSI): The RSI is near 70, suggesting that the index is approaching overbought territory, which could warrant caution.
OI Analysis:
The Open Interest (OI) data indicates strong positions at the 12,700 strike price, suggesting that traders expect the index to hover around this level. Heavy call writing at 12,800 and significant put writing at 12,600 reinforces these as crucial resistance and support levels, respectively.
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