After relentless rally for months NIFTY finally showed a bit of weakness and corrected by 160 points. Markets corrected across the globe on Friday. Asian markets trading mixed but negative bias overall, US & European futures are marginally down, SGX NIFTY is indicating about 30 points gap down opening.
F&O Data Analysis (21st Jan series): Highest OI is at 14600 & 15000 CALLs and 14000 & 14500 PUTs. Highest OI addition is at 14600 & 14500 CALLs and 13700 & 14200 PUTs. PCR is crashed to 0.62 from at 1.08 as there was huge CALL writing on Friday and no change in Maxpain and it is at 14500. Looking at F&O data as on today market participants are expecting NIFTY to close between 13700 and 14800 by 21st Jan.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14350, 14250, 14040 and 13775. Resistance: 14655, 14735 and 14800. Support & Resistance levels for today based on Hourly charts: Support: 14350, 14300 and 14250; Resistance: 14540, 14580, 14620 and 14655;
FIIs bought 971 crores worth of stocks and DIIs sold 942 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.
