It was a day of huge fall in NIFTY yesterday particularly in afternoon. NIFTY was volatile from the opening, it opened gap down but recovered all the opening loss and in fact it made fresh new intraday All Time High of 13777 and then started falling gradually. Once it broken important levels fall was so severe and made intraday low of 13131. At 2:30 pm, 5 mins candles had a movement of more than 300 points in 5 mins and this explains amount of volatility. Overall NIFTY fell down 432 points on closing basis and moved in range of 646 points. US markets closed flat, European markets down by more than 2.5%, Asian markets are trading in slight negative bias, US futures are slightly in red, European futures are 1% down and SGX NIFTY is indicating gap up opening by 130 to 150 points.
F&O Data Analysis (24th Dec series): Highest OI is at 13800 & 14000 CALLs and 13000 & 13500 PUTs. Highest OI addition yesterday was at 13600 & 13700 CALLs and 13000 PUTs (a little OI added). PCR is cracked down to 0.53 from 0.98 due to huge CALL writing yesterday and Maxpain is down by 100 points and now at 13600. Looking at F&O data as on today market participants are expecting NIFTY to close between 13800 and 13000 by 24th Dec.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13280 and 13130. Resistance: 13500, 13600 and 13780. Support & Resistance levels for today based on Hourly charts: Support: 13280, 13200 and 13130; Resistance: 13500, 13600 and 13650;
After one and half month for first time FIIs sold 323 crores worth of stocks and DIIs bought 486 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.
