NIFTY hit new all time high yesterday during intraday and closed very strongly. US & European markets closed strongly. Asian markets, US & European Futures are all trading positively. It looks Green everywhere. SGX NIFTY indicating gap up opening by 50 points.
F&O Data Analysis (21st Jan series): Highest OI is at 14700 & 14600 CALLs and 14500 & 14400 PUTs. Highest OI addition is at 14750 & 14700 CALLs and 14600 & 14500 PUTs. PCR is increased to 1.09 from 0.95. Maxpain also up by 100 points and it is now at 14600. Looking at F&O data as on today market participants are expecting NIFTY to close between 14400 and 14750 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14500, 14400 and 14220. Resistance: 14750, and 14950. Support & Resistance levels for today based on Hourly charts: Support: 14620, 14560, 14500 and 14450; Resistance: 14690, 14750 and 14800; For today expiry CALL strikes at 14800 and above, PUT strikes at 14350 and below may be safe ones to sell at market opening. As always, expiry should be traded very cautiously due to Gamma risk and should be in a position to manage their positions through adjustments very quickly in case of big moves in underlying.
FIIs bought 2289 crores worth of stocks and DIIs sold 864 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.
