Yesterday NIFTY traded in uptrend throughout the day finally closed about 13600. With this NIFTY recovered more than 65% of what it lost on Monday and this is really spectacular. US markets marginally up except NASDAQ, European markets closely positively, Asian markets are in Green, US & European futures also in Green and SGX NIFTY is indicating gap up opening by 30 to 40 points.
F&O Data Analysis (24th Dec series): Highest OI is at 13700 & 13800 CALLs and 13500 & 13400 PUTs. Highest OI addition yesterday was at 13650 & 13700 CALLs and 13500 & 13400 PUTs. PCR is raised to 1.02 from 0.71 as there was more PUT writing yesterday and Maxpain is also up by 100 points and now at 13550. Looking at F&O data as on today market participants are expecting NIFTY to close between 13800 and 13400 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13330, 13130, 13000 and 12790. Resistance: 13660 and 13780. Support & Resistance levels for today based on Hourly charts: Support: 13565, 13490, 13435, 13390 and 13330; Resistance: 13660, 13675, 13735, and 13800; For today expiry 13850 and above CALLs might safe to write at opening. On PUT side any severe fall may be difficult to manage but perhaps 13300 and below strikes may be okay if NIFTY continues its uptrend today. 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 536 crores worth of stocks and DIIs sold 1327 crores worth of stocks in cash market yesterday.
Follow my TRADES at:
Telegram: https://t.me/WealthyOptions
Twitter: https://twitter.com/wealthyoptions1
Performance: https://www.wealthyoptions.in/performance
Training: https://www.wealthyoptions.in/training
Testimonials: https://www.wealthyoptions.in/testimonials
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.
