NIFTY took U turn after two days of downtrend and rallied for 250 points and closed above Mondays high, however took Resistance at downward trendline in Daily chart. US markets closed positively, European markets closed flat, Asian markets are mostly positive, US Futures are trading slightly positive, European Futures consolidating, SGX NIFTY indicating about 40 points gap down opening.
F&O Data Analysis (21st Jan series): Highest OI is at 14600 & 14700 CALLs and 14400 & 14300 PUTs. Highest OI addition is at 14650 & 14750 CALLs and 14400 & 14500 PUTs. PCR is increased to 0.95 from 0.59 as there was huge unwinding of CALL options and significant PUT writing. Maxpain also up by 150 points and it is now at 14500. Looking at F&O data as on today market participants are expecting NIFTY to close between 14300 and 14750 by 21st Jan.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14350, 14220, 14000 and 13775. Resistance: 14550, 14655 and 14750. Support & Resistance levels for today based on Hourly charts: Support: 14460, 14400, 14350 and 14290; Resistance: 14550, 14620 and 14655;
FIIs bought 257 crores worth of stocks and DIIs sold 199 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.
