NIFTY was extremely volatile on Friday with 270 points range wild moves on in the last one and half hour trading. Overall lost another 200 points. US & European markets closed around 2% lower on Friday, Asian markets looking slightly positively, US & European futures are marginally up except France index which is 2% down. SGX NIFTY is indicating about 60 points gap up opening. Today is Union Budget day it is better avoid trading as you can expect extreme volatility in the market. Those who can manage wild moves can only trade cautiously with small volume today.
F&O Data Analysis (4th Feb series): Highest OI is at 14000 & 13800 CALLs and 13800 & 13000 PUTs. Highest OI addition is at 13800 & 14000 CALLs and 13800 & 13000 PUTs. PCR is at 0.56 and Maxpain at 13800. Looking at F&O data as on today market participants are expecting NIFTY to close between 14000 and 13000 on 4th Feb. However, today’s budget will decide new range for NIFTY.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13480, 13250 and 13130. Resistance: 13970, 14225 and 14500. Support & Resistance levels for today based on Hourly charts: Today is Budget day so Support and Resistance levels for intraday will not work due to expected wild moves. However, 13480 on downside and 13970 on upside is most important Support and Resistance levels for today.
FIIs sold 5930 and DIIs bought 2443 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.
