NIFTY traded in 440 points range on Friday testing both 14350 and 14790 levels on same. Very good buying in markets at key support levels. Global cues are indicating consolidation. US markets closed mixed, European markets closed 1% down, Asian markets are trading mixed and mostly flat, US & European futures trading flat and consolidating. SGX NIFTY indicating flat opening.
F&O Data Analysis (25th Mar series): Highest OI is at 15000 & 15200 CALLs and 14500 & 14400 PUTs. Highest OI addition is at 15200 & 15400 CALLs and 14500 & 14400 PUTs. PCR rose from 0.83 to 0.99 and but Maxpain dropped from 14800 to 14700. Looking at F&O data today market participants are expecting NIFTY to close between 14400 and 15200 by 25th March.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14460, 14350 and 13970 . Resistance: 14800, 14890 and 15050 . Support & Resistance levels for today based on Hourly charts: Support: 14700, 14640, 14550, 14460 and 14350; Resistance: 14800, 14830, 14875 and 14950;
Both FIIs and DIIs bought 1418 and 559 crores worth of stocks respectively 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.
