New year started with new all time high and closed at new all time high. Yes, NIFTY closed above 14000 level on Friday. Most of the global were closed on Friday. Asian markets are looking positive, US Futures looking positive and SGX NIFTY is indicating gap up opening by 70 points.
F&O Data Analysis (7th Jan series): Highest OI is at 14000 & 14200 CALLs and 14000 & 13900 PUTs. Highest OI addition is at 14300 & 14200 CALLs and 14000 & 13800 PUTs. PCR is down to 0.94 from 1.05 and Maxpain is at 14000. Looking at F&O data as on today market participants are expecting NIFTY to close between 14300 and 13800 on 7th Jan.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13935, 13860, 13775 and 13500. Resistance: 14170 and 14300. Support & Resistance levels for today based on Hourly charts: Support: 14050, 14000, 13955, 13900 and 13860; Resistance: 14120 and 14170;
FIIs bought 506 crores worth of stocks and DIIs also bought 69 crores worth of stocks in cash market on Friday.
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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.
