NIFTY continued its tremendous rally yesterday as well and made new all time high of 14868 and also closed above previous all time high. US & European markets closed flat yesterday, Asian markets are consolidating but with slight negative bias, US & European futures are consolidating and SGX NIFTY is indicating flat opening.
F&O Data Analysis (4th Feb series): Highest OI is at 15000 & 14900 CALLs and 14500 & 14700 PUTs. Highest OI addition is at 15050 & 15000 CALLs and 14700 & 14800 PUTs. PCR increased to 1.23 from 1.13 and Maxpain is up by another 200 points and now at 14700. Looking at F&O data as on today market participants are expecting NIFTY to close between 15050 and 14500 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14750, 14570, 14470 and 14335. Resistance: 14870 and 15050. Support & Resistance levels for today based on Hourly charts: Support: 14750, 14670, 14570, 14470 and 14335; Resistance: 14870, 14950, 15000 and 15050; For today expiry CALL strikes at 15050 and above, PUT strikes at 14300 and below may be safe ones to sell at market opening. As always, expiry should be traded very cautiously due to Gamma risk and should be in a position to manage their positions through adjustments very quickly in case of big moves in underlying.
FIIs bought 2520 and DIIs sold 399 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.
