NIFTY continued its rally by breaking out from the range of 13400 – 13600 and made a new All Time High of 13692. US Federal bank kept interest rates unchanged at 0.25% as expected so this has become non-event. US markets closed flat, European markets closed in Green, Asian markets and US Futures trading flat. SGX NIFTY is indicating flat opening.
F&O Data Analysis (17th Dec series): Highest OI is at 13800 & 14000 CALLs and 13500 & 13600 PUTs. Highest OI addition yesterday was at 13850 & 13750 CALLs and 13600 & 13650 PUTs. PCR increased to 1.33 from 1.03 and Maxpain is also up by 100 points and now at 13600. Looking at F&O data as on today market participants are expecting NIFTY to close between 13500 and 13850 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13590, 13445 and 13400. Resistance: 13750, 13850 and 13900. Support & Resistance levels for today based on Hourly charts: Support: 13650, 13590, 13550, 13490 and 13445; Resistance: 13750, 13800 and 13850; CALLs at 13850 and above, PUTs below 13400 may be safe ones to sell during opening of the market, however any big movements in NIFTY need to be managed very actively through adjustments otherwise it may lead to huge losses.
FIIs bought 1981 crores worth of stocks and DIIs sold 1718 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.
