NIFTY continued its weakness on Monday and fell down by another 1%. It was very volatile day and NIFTY traded in the range of 270 points and tested its swing low of 14220 in Daily charts. US markets closed flat yesterday, European markets closed positively, Asian markets, US & European futures trading mixed and mostly consolidating. SGX NIFTY is indicating 100 to 120 points gap down opening.
F&O Data Analysis (28th Jan series): Highest OI is at 14500 & 14600 CALLs and 14000 & 14200 PUTs. Highest OI addition is at 14400 & 14500 CALLs and 14100 & 13800 PUTs. PCR is dropped to 0.68 from 0.8 and Maxpain also dropped by 100 points and now at 14300. Looking at F&O data as on today market participants are expecting NIFTY to close between 13800 and 14600 by 28th Jan.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 14040, 13900 and 13775. Resistance: 14350, 14500 and 14755. Support & Resistance levels for today based on Hourly charts: Support: 14125, 14040 and 13950; Resistance: 14220, 14350, 14415 and 14500;
Both FIIs and DIIs sold for 765 and 387 crores worth of stocks respectively in cash market on Monday.
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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.
