After rallying for 9 days continuously NIFTY broke below day before yesterday low however then stayed rangebound for most of the day and finally recovered quite well towards end of the day. This knee jerk reaction mostly due to weakness in global markets. US & European markets closed mixed but mostly flat, Asian markets are consolidating, US & European futures markets are marginally down and SGX NIFTY is indicating flat opening.
F&O Data Analysis (17th Dec series): Highest OI on CALL side at 14000 & 13500; Highest OI on PUT side is at 13000 & 13400. Highest OI addition is at 14000 & 13500 on CALL side and 13000 & 13300 on PUT side. PCR is at 0.97 and Maxpain is at 13400. Looking at F&O data as on today market participants are expecting NIFTY to close between 13000 and 14000 by 17th Dec.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13400, 13310, 13145 and 12980. Resistance: 13550, 13650 and 13700. Support & Resistance levels for today based on Hourly charts: Support: 13445, 13400 and 13310; Resistance: 13505, 13550, 13600 and 13650;
FIIs bought 2260 crores worth of stocks and DIIs sold 2275 crores worth of stocks in cash market yesterday.
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Disclaimer: Above analysis is just my opinion based on Technical Analysis, F&O Data study and my experience in the market. This information is for educational purpose only, and it possible that my analysis may go wrong. So, take your own decisions or consult your Financial advisor before taking any trading or investment decisions.
