NIFTY broke key support level of 14700 yesterday and then tested 14460 to 15000 range which was previous swing low on daily charts. It was a day of intense selling. Global cues are negative. European markets closed slightly positively but US markets closed weak yesterday. Asian markets are trading in red, US & European futures are trading flat and SGX NIFTY indicating gap down opening by about 80 points.
F&O Data Analysis (25th Mar series): Highest OI is at 15000 & 14900 CALLs and 14500 & 14000 PUTs. Highest OI addition is at 15000 & 14900 CALLs and 14200 & 14000 PUTs. PCR is at 0.83 and Maxpain is at 14800. Looking at F&O data today market participants are expecting NIFTY to close between 14000 and 15000 by 25th March.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14460, 14340 and 13970 . Resistance: 14750, 14900 and 15050 . Support & Resistance levels for today based on Hourly charts: Support: 14460, 14400 and 14340; Resistance: 14590 and 14700;
FIIs bought 1258 and DIIs sold 1116 crores worth of stocks respectively 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.
