NIFTY fell another 2% yesterday and closed below 14000 level. NIFTY lost 800 points in last 4 trading sessions and BANK NIFTY lost close to 3000 points. Global cues are very negative across the globe. US markets fell down by 2.5%, European markets by 1.5%, Asian markets are down by around 1.5%, US & European futures markets trading with negative bias and SGX NIFTY indicating gap down opening by 150 points.
F&O Data Analysis (28th Jan series): Highest OI is at 14100 & 14200 CALLs and 13500 & 14000 PUTs. Highest OI addition is at 14100 & 14200 CALLs and 13900 & 13500 PUTs. PCR is dropped to 0.6 from 0.68 and Maxpain also dropped by 200 points and now at 14100. Looking at F&O data as on today market participants are expecting NIFTY to close between 13500 and 14200 today.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13775 and 13500. Resistance: 14220, 14350, 14500 and 14755. Support & Resistance levels for today based on Hourly charts: Support: 13775, 13700, 13630 and 13500; Resistance: 14930, 14040 and 14220; Today expiry seems to be challenging one as there will be wild moves in index. For today expiry CALL strikes at 14300 and above, PUT strikes at 13200 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
Both FIIs and DIIs sold for 1688 and 3 crores worth of stocks respectively 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.
