It was a day of major Technical Glitch, Outage, confusion about what happens to leveraged positions in NIFTY, however after all this chaos NIFTY and BANKNIFTY rallied and turned bullish. Global cues are positive. US & European markets closed positively, Asian markets are trading strongly, US & European futures trading in Green and SGX NIFTY indicating gap up opening by 50 points.
F&O Data Analysis (25th Feb series): Highest OI is at 15000 & 15200 CALLs and 15000 & 14500 PUTs. There was huge short covering of CALLs and very tiny OI addition of CALLs at 15250, Highest OI addition for PUTs at 14800 & 14900. PCR is up and now at 1.07 and Maxpain is at 14800. Looking at F&O data as on today market participants are expecting NIFTY to close between 15250 and 14700 by 25th Feb.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14850, 14720 and 14635. Resistance: 15150, 15250 and 15435 . Support & Resistance levels for today based on Hourly charts: Support: 14850, 14785 and 14700; Resistance: 15050, 15150 and 15250;
Note 14850 and 14700 are most important support levels and 15150 and 15250 are most important Resistance levels for NIFTY today. For today expiry CALL strikes at 15350 and above, PUT strikes at 14600 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 28739 and DIIs also bought 230 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.
