NIFTY was absolutely unstoppable yesterday with almost all the sectors gone up and RELIANCE was on burner to take NIFTY further higher. NIFTY gained 2% yesterday. Global cues are looking weak currently. US markets closed negatively particularly tech dominated index NASDAQ down by 2.7%. Asian markets are trading weak, US & European futures also trading negative and SGX NIFTY indicating gap down opening by more than 250 points. This must be a big worry for all those who wrote 15000 and 15100 PUTs yday.
F&O Data Analysis (4th Mar series): Highest OI is at 15200 & 15500 CALLs and 15000 & 15100 PUTs. Highest OI addition is at 15300 & 15400 CALLs and 15000 & 15100 PUTs. PCR is almost doubled from 0.69 to 1.2 and Maxpain is also up by 250 points and now at 15050. Looking at F&O data as on today market participants are expecting NIFTY to close between 15300 and 15000 by 4th March, however the big gap down that we are foreseeing may force 15000 and 15100 PUT writers to cover their positions or shift them further down, in which case NIFTY may close above 14750.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 15000, 14920, 14750 and 14540. Resistance: 15275 and 15435 . Support & Resistance levels for today based on Hourly charts: Support: 15000, 14920 – 960, 14860, 14760; Resistance: 15130, 15200 and 15275;
Both FIIs and DIIs bought for 2089 and 393 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.
