NIFTY and BANKNIFTY recorded another Nirmala Seetharaman candle in Daily chart after 2019. It was mind blowing rally of 5% and 8.5% in NIFTY and BANKNIFTY respectively yesterday as market is impressed with budget. US & European markets closed strongly yesterday, Asian markets are positive, US & European futures positive and SGX NIFTY is indicating gap up opening of 100 points.
F&O Data Analysis (4th Feb series): Highest OI is at 15000 & 14500 CALLs and 13500 & 13800 PUTs. Highest OI addition is at 15000 & 14800 CALLs and 14200 & 14000 PUTs. PCR rose from 0.56 to 1.2 and Maxpain is up by 300 points and now at 14100. Looking at F&O data as on today market participants are expecting NIFTY to close between 15000 and 13800 on 4th Feb.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14220, 13965 and 13590. Resistance: 14500, 14620 and 14755. Support & Resistance levels for today based on Hourly charts: Support: 14220 and 14100; Resistance: 14490, 14550 and 14620;
FIIs bought 1494 and DIIs sold 90 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.
