NIFTY continued its rally last week as well by going up by another 300 points. On Friday, NIFTY was very volatile, in fact it broke Thursday’s low during intraday, however as usually it recovered all its losses and closed almost at Days high. It couldn’t make another new all time high. US & European markets closed slightly negatively on Friday, Asian markets trading mixed, European futures markets trading weak and US futures trading flat. SGX NIFTY is indicating gap down opening of 40 points.
F&O Data Analysis (24th Dec series): Highest OI is at 14000 & 13800 CALLs and 13700 & 13500 PUTs. Highest OI addition yesterday was at 13900 & 13800 CALLs and 13700 & 13500 PUTs. PCR is down to 0.98 from 1.24 and no change in Maxpain and now at 13700. There was more CALL writing in NIFTY on Friday. Looking at F&O data as on today market participants are expecting NIFTY to close between 14000 and 13500 by 24th Dec.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13655, 13590, 13445 and 13400. Resistance: 13775, 13920 and 14000. Support & Resistance levels for today based on Hourly charts: Support: 13715, 13685, 13655 and 13590; Resistance: 13775, 13830 and 13870;
FIIs bought 2721 crores worth of stocks and DIIs sold 2424 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.
