NIFTY was in downtrend and broke important support levels during intraday but recovered significantly in afternoon session by closing above Trendline support in Daily chart. Global cues are suggesting consolidation. US markets closed positively, European markets marginally negative, Asian markets are marginally positive, US & European futures are trading flat and SGX NIFTY indicating gap up opening by 80 points.
F&O Data Analysis (18th Mar series): Highest OI is at 15300 & 15500 CALLs and 14500 & 14800 PUTs. Highest OI addition is at 14800 & 15100 CALLs and 14800 & 14500 PUTs. PCR is down from 0.58 to 0.5 and Maxpain also down by 150 points and now at 15000. Looking at F&O data today participants are expecting NIFTY to close between 14500 and 15500 by 18th March.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14930, 14745 and 14460 . Resistance: 15050, 15160, 15340 and 15435 . Support & Resistance levels for today based on Hourly charts: Support: 14950, 14900, 14840 and 14750; Resistance: 15060, 15100, 15160 and 15220;
Both FIIs and DIIs sold 1101 and 750 crores worth of stocks respectively 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.
