NIFTY went on consolidation mode yesterday with fall in heavy weights of index. 14700 acted as very strong support for NIFTY throughout the day and it was inside bar candle in Daily charts. Global cues are positive overall and SGX NIFTY indicating gap up opening by 100 points.
F&O Data Analysis (1st Apr series): Highest OI is at 15000 & 14800 CALLs and 14500 & 14600 PUTs. Highest OI addition is at 15000 & 14700 CALLs and 14350 & 14450 PUTs. PCR dropped from 1.1 to 0.82 and no changed in Maxpain at 14700. Looking at F&O data today market participants are expecting NIFTY to close between 14600 and 15000 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14670, 14610 and 14500 . Resistance: 14815, 14880 and 15000. Support & Resistance levels for today based on Hourly charts: Support: 14750, 14700, 14670 and 14600; Resistance: 14775, 14815, 14880, 14955 and 15000;
FIIs sold 1686 and DIIs bought 2081 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.
