NIFTY rallied for another 370 points yesterday. It was gap up opening of 200 points and then followed by another 200 points rally in first 20 mins of trading itself. It’s a record rally of 1100 points in just two days. US & European markets closed strongly, Asian markets are trading mixed but mostly green, US & European futures are marginally green and consolidating, SGX NIFTY is indicating gap up opening by around 30 points.
F&O Data Analysis (4th Feb series): Highest OI is at 15000 & 14700 CALLs and 14500 & 14400 PUTs. Highest OI addition is at 14700 & 15100 CALLs and 14500 & 14400 PUTs. PCR marginally dropped to 1.13 from 1.2 and Maxpain is up by 400 points and now at 14500. Looking at F&O data as on today market participants are expecting NIFTY to close between 15000 and 14400 on 4th Feb.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14470, 14335 and 14220. Resistance: 14755, 14890 and 15000. Support & Resistance levels for today based on Hourly charts: Support: 14635, 14590, 14510 and 14470; Resistance: 14730, 14760, 14800 and 14890;
FIIs bought 6181 and DIIs sold 2035 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.
