NIFTY made another new all time high of 14653 yesterday but it was down trending and followed by volatile day. NIFTY traded in 215 points range. US & European markets consolidated yesterday and closed flat. Asian markets are trading mixed but overall consolidating; Same case with US & European futures as well. SGX NIFTY is indicating flat opening.
F&O Data Analysis (14th Jan series): Highest OI is at 14600 & 14700 CALLs and 14500 & 14400 PUTs. Highest OI addition is at 14600 & 14450 CALLs and 14400 & 14300 PUTs. PCR is down to 1.09 from 1.46 and no change in Maxpain and now at 14500. Looking at F&O data as on today market participants are expecting NIFTY to close between 14300 and 14700 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14430, 14250, 14040 and 13775. Resistance: 14655, 14735 and 14800. Support & Resistance levels for today based on Hourly charts: Support: 14500, 14430, 14380 and 14300; Resistance: 14655, 14700, 14735 and 14775; For today expiry CALL strikes at 14750 and above, PUT strikes 14250 and below may be safe ones to sell at market opening. As always, expiry should be traded very cautiously due to Gamma risk and should be in a position to manage their positions through adjustments very quickly in case of big moves in underlying.
FIIs bought 1879 crores worth of stocks and DIIs sold 2370 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.
