Midcap Nifty Select Analysis for 21-10-2024: S&R Levels

20 thg 10

Midcap Nifty Select Poised for Breakout: Bullish Indicators Ahead of Weekly Expiry
On October 18, 2024, The Nifty Midcap Select Index opened at 12,935.20, reached a high of 13,064.10, a low of 12,809.55, and closed at 13,033.80, representing a 0.32% gain. The index showed moderate volatility but managed to close higher due to positive sentiment toward midcap stocks, reflecting resilience in a broadly cautious market environment.
Top Gainers and Losers:
Vodafone Idea Ltd: Opened at ₹9.05 and closed at ₹9.02, a slight fall of ₹0.03.
IDFC First Bank Ltd: Opened at ₹71.74 and closed at ₹71.57, a minor loss of ₹0.17
Notable losers in the index experienced relatively small declines, as midcaps remained steady.
Support and Resistance Levels:
Support Levels: Based on the options data, significant call writing was observed at the 13,100 and 13,200 levels, while put writing was seen at 12,800 and 12,900.
Resistance Levels: This suggests a key resistance level at 13,200 and support at 12,900 heading into the weekly expiry on October 21, 2024.
Technical Data Points:
Max Pain: 13,025
PCR (Put-Call Ratio): 0.97 Neutral
IV (Implied Volatility): 10.52 as of the closing on 18-10-2024.
Technical Indicators for Mid Cap Nifty Select:
RSI: The Relative Strength Index is hovering near 60, indicating moderately bullish momentum.
MACD: The Moving Average Convergence Divergence shows a bullish crossover, indicating potential upward movement in the near term.
Pivot Points: The pivot for tomorrow’s session is around 13,000, suggesting that staying above this level would maintain bullish sentiment.
Gann Prediction:
According to Gann theory, the index is expected to face resistance near 13,100, which correlates with the options data. A break above this level could lead to a rapid upward movement, but failure to break could trigger a correction.
Conclusion- The Nifty Midcap Select index displayed resilience on October 18, 2024, with a 0.32% gain. Technical indicators such as RSI and MACD suggest a bullish outlook, supported by strong call writing at higher levels. For the weekly expiry on October 21, key resistance is set at 13,200 and support at 12,900. With options data and Gann theory aligning, traders should be cautious around these levels as any breakout could lead to significant moves.
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.