Where is the Market Heading?
Analysis , Blogs , Financial , Information
“On the last trading session, after a gap up opening it tested the all time high. Then a strong selling or profit booking from top, it settled forming a an inverted hammer”… [..]
Last Expiry – Overview
NIFTY 50
On the last trading session, after a gap up opening it tested the all time high. Then a strong selling or profit booking from top, it settled forming a an inverted hammer.
BANK NIFTY
BANKNIFTY too opened strong but fell aggressively and closed below the day low forming a bearish engulfing.
Where is the market heading, Technically.
NIFTY 50
View :
On a weekly chart after two back to back weekly correction, week formed a bullish candle and tested the all time high.
After a good positive price action, and on Friday there was profit booking seen forming an inverted hammer. No clear convincing direction, but looks bullish as of now.
Important Levels
- Resistance – 21,900 – 22,000
- Support – 21,650 – 21,750
- No trading Zone – 21,650 – 21,750
BANKNIFTY
View :
Banknifty had been continuously falling for past few weeks, finally some recovery seen and formed a Bullish Harami pattern.
On daily time frame, after a Doji formation, some strong profit booking from top observed – forming a bearish engulfing candle. Needs to be cautious a bit for now.
Important Levels
- Resistance – 46,700 – 46,900
- Support – 44,300 – 44,500
- No trading – 45,400 – 45,500
Please follow the link to see the detail chart analysis.
What does data say about the market direction?
FII & DII Activity
Observations:
FII & DII data suggest market to trade in flat to Bullish:
- Outstanding puts is 18K bought against -72K calls shorted – Looks Bearish.
- Last session FII, PRO, Clients & DII activity – Bullish inclined as FII, Client & DII But Pro are Bearish.
- FII stocks is 71Cr bought – Does not hold relevance for intraday but bullish in long term perspective
- Net Future OI change = have dip to -74K , Improved.
Open Interest (OI)-
OI data suggest market to remain volatile, No Clear Horizon is visible.
Nifty OI
- Max OI Calls:: 2200 , 0.22 Cr
- Max OI Puts:: 21600, 0.22 Cr
- PCR:: 1.0
Note:: OI suggests strong support at 21600 , and a Resistance at 22000. Likely to remain volatile and range bound.
Banknifty OI
- Max OI Calls:: 47000 , 0.30 Cr
- Max OI Puts:: 45000, 0.19 Cr
- PCR:: 0.8
Note:: OI suggests a support at 45000 , and Resistance at 47000. Likely to remain volatile and range bound.
Please follow the link to see the detail chart analysis.
Data for 5th February, 2024 Week.
Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 21,966.5 at 01:15am 03-01-2024.
Events Upcoming
Fig. Events this week
Disclaimer:-The above analysis is solely the opinion of the author, no way an assured tips/direction to trade, they are solely for educational purposes. Please do not trade with out a proper study and analysis, we will not be responsible for your loss. We are not SEBI registered.
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