NIFTY was cool and consolidated well on Wednesday. Yesterday Indian markets were closed and a lot happened in Global markets during same time and Global cues are very positive. US, European and Asian markets traded positively yesterday. US & European futures are consolidating currently, Asian markets are positive and SGX NIFTY indicating close to 200 points gap up opening.
F&O Data Analysis (18th Mar series): Highest OI is at 16000 & 15200 CALLs and 14500 & 15000 PUTs. Highest OI addition is at 15200 & 16000 CALLs and 15200 & 15100 PUTs. As NIFTY is mostly going to open with 200 points gap up people who wrote 15200 CALL options will cover their positions and may shift them to higher strikes. PCR is up from 0.7 to 0.85 and Maxpain is up by 150 points and now at 15150. Looking at F&O data and expected gap up opening today market participants are expecting NIFTY to close between 15000 and 16000 by 18th March.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 15200, 14925 and 14860. Resistance: 15275, 15435 and 15500 . Support & Resistance levels for today based on Hourly charts: Support: 15200, 15150 and 15000; Resistance: 15275, 15350, 15435 and 15500;
FIIs sold 15 and DIIs bought 447 crores worth of stocks in cash market on Wednesday.
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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.
