Will the Market Fall Continue?
Analysis , Weekly
On a weekly chart after a peak, it fell sharply, following with another bearish candle. But long wick at the bottom and Daily price actions looks like a reversal from Bottom.
Last Expiry – Will the Market Fall Continue?
NIFTY 50
On the last trading session, after a gap up opening, it is continuously fell, forming a bottom, and bearish flag pattern.
BANK NIFTY
Banknifty too fell, aggressively compounded by the results of big private banks, and closed below previous day low.
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Will the Market Fall Continue, Technically?
NIFTY 50
View :
On a weekly chart after a peak, it fell sharply, following with another bearish candle. But long wick at the bottom and Daily price actions looks like a reversal from Bottom.
But it could be too early, to say, it could be a sell on rise also. No clear direction.
Important Levels
- Resistance – 21,500 – 21,550
- Support – 21,150 – 21,250
- No trading Zone – 21,150 – 21,250
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 29th January, 2024, Week.
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BANKNIFTY
View :
After a Doji, Banknifty has been continuing a fall for the 3rd consecutive week, expecting some recovery this week. But the overall trend is sell on rise.
On daily time frame, some buying is observed at the bottom.
Important Levels
- Resistance – 45,000 – 45,100
- Support – 44,300 – 44,500
- No trading – 45,000 – 45,100
-Click Here :Charts for 29th January, 2024 Week.
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Will the Data further push the Market Down?
FII & DII Activity
Observations:
FII & DII data suggest market to trade in flat to Bearish Zone:
- Outstanding puts is 1.7L against 26K calls – Looks Bearish.
- Last session FII, PRO, Clients & DII activity – Mixed as FII Looks Bearish But Pro, Client & DII are Bullish.
- FII stocks is -2.1K Cr – Does not hold relevance for intraday but bullish in long term perspective
- Net Future OI change = have dip to -1.09L , Looks Negative.
Open Interest (OI)-
OI data suggest market to remain volatile, No Clear Horizon is visible.
Nifty OI
- Max OI Calls:: 21300 , 1.65 Cr
- Max OI Puts:: 21300, 1.12 Cr
- PCR:: 0.8
Note:: OI suggests strong support at 21250 , and a Resistance at 21400. Likely to remain volatile.
Banknifty OI
- Max OI Calls:: 44500 , 0.73 Cr
- Max OI Puts:: 45000, 0.62 Cr
- PCR:: 0.9
Note:: OI suggests a support at 44500 , and Resistance at 45000. Likely to remain volatile.
Please follow the link to see the detail chart analysis.
-Click Here :Data for 29th January, 2024 Week.
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Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 21,352.5 at 01:15am 25-01-2024.
Events Upcoming
Fig. Events this week
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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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Nice one, keep doing what you live doing.👍