NIFTY shot up more than 200 points on Tuesday after intense fall on Monday. Global cues are not giving any clue as Global markets are mixed. However, local cues are alarming with shooting up Covid19 cases.
F&O Data Analysis (8th Apr series): Highest OI is at 14700 & 14800 CALLs and 14300 & 14200 PUTs. Highest OI addition is at 14650 & 14700 CALLs and 14400 & 14500 PUTs. PCR is at 0.8 and Maxpain at 14500. Looking at F&O data today market participants are expecting NIFTY to close between 14200 and 14800 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14300, 14250, 14100 and 14000. Resistance: 14650, 14785, 14900 and 15000. Support & Resistance levels for today based on Hourly charts: Support: 14500, 14450, 14400, 14300 and 14250; Resistance: 14650, 14725, 14785 and 14900;
FIIs sold 730 and DIIs bought 243 crores worth of stocks in cash market on Tuesday.
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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.
