NIFTY continued its weakness on Friday and in fact last week close was below week before last week, and this happened after three months. US & European markets fell by 0.5% on Friday, Major Asian markets are trading positively, US & European futures are trading in Green, SGX NIFTY is indicating gap up opening of 120 points.
F&O Data Analysis (28th Jan series): Highest OI is at 14700 & 14600 CALLs and 14000 & 13900 PUTs. Highest OI addition is at 14500 & 14600 CALLs and 13800 & 14000 PUTs. PCR is dropped to 0.8 from 1.15 and Maxpain also dropped by 100 points and now at 14400. Looking at F&O data as on today market participants are expecting NIFTY to close between 13800 and 14700 by 28th Jan.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14350, 14220 and 14000. Resistance: 14490, 14620 and 14755. Support & Resistance levels for today based on Hourly charts: Support: 14400, 14350, 14295 and 14220; Resistance: 14490, 14540 and 14620;
Both FIIs and DIIs sold for 635 and 1290 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.
