NIFTY took U turn on Friday after big gap up opening and gone through selling pressure throughout the day and finally ended 1% down. Global cues are mixed and consolidating. US & European markets closed with consolidation on Friday, Asian markets are mixed, US & European futures are consolidating. SGX NIFTY indicating around 40 points gap up opening.
F&O Data Analysis (18th Mar series): Highest OI is at 15300 & 15500 CALLs and 15000 & 14500 PUTs. Highest OI addition is at 15300 & 15400 CALLs and 15000 & 14400 PUTs. PCR is down from 0.85 to 0.58 and Maxpain is flat at 15150. Looking at F&O data today participants are expecting NIFTY to close between 14500 and 15500 by 18th March.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14860 and 14460 . Resistance: 15170, 15340 and 15435 . Support & Resistance levels for today based on Hourly charts: Support: 14950 and 14860; Resistance: 15065, 15100, 15170 and 15270;
Both FIIs and DIIs sold 164 and 942 crores worth of stocks respectively 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.
