Midcap Nifty Select Analysis for 09-09-2024: S&R Levels

9 Sep

On September 6, 2024, the Nifty Midcap Select index opened at 13,263.85, reached a high of 13,274.90, and dropped to a low of 13,033.45 before closing at 13,066.05, representing a 1.59% decline. The market experienced notable volatility throughout the session, with the index losing over 200 points. This decline reflects broader market sentiment, as mid-cap stocks faced pressure across several
Top Gainers and Losers:
PI Industries: Opened at ₹4,513 and gained 2.29%.
Coforge: Opened at ₹6,555 and gained 1.12%.
Ashok Leyland: Opened at ₹251, fell 1.33% to ₹247.8.
Bharat Forge: Opened at ₹1,588, dropped 3.59% to ₹1,551.2
Support and Resistance Levels:
Support Levels: put writing is observed at the 13,000 level, indicating a strong support zone, suggesting a likely range of 13,000-13,200.
Resistance Levels: OI (Open Interest) analysis shows maximum call writing at the 13,200 strike, establishing it as a significant resistance.
Technical Data Points:
Max Pain: 13,100
PCR (Put-Call Ratio): 0.66 Bearish
IV (Implied Volatility): 13.94 as of the closing on 06-09-2024.
Technical Indicators for Mid Cap Nifty Select:
RSI: The index has an RSI of 40, signaling it's nearing oversold territory.
MACD: The MACD shows a bearish trend with the signal line crossing above, suggesting further downside momentum.
Pivot Points: Immediate support lies at 13,000, while resistance stands at 13,200

Gann Prediction:
Using Gann Theory, there is a potential reversal point around 13,030, which aligns closely with the support level, offering a chance for a short-term bounce if this level holds.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.