On January 28, on the first day of the February series, the market was not able to maintain the early gains and the Nifty 50 closed with a slight decline at the end of trading, breaking about 270 points from the day’s high. Heavy selling by FIIs, pre-budget uncertainty and caution and weak global cues seem to be putting pressure on the market. The BSE Sensex fell 76.71 points on the last trading day to close at 57,200.23. At the same time, the Nifty50 index fell 8.20 percent to close at 17,102 level. Nifty has formed a bearish candle on the daily chart which is resembling a shooting star pattern formation. Last week Nifty broke 3 per cent and it also formed a bearish candle on the weekly chart.
Mazhar Mohammad of Chartviewindia says Nifty50 has formed a shooting star shape with upper shadows indicating that a pullback attempt at the intraday high of 17,373 may be over. Furthermore, despite the last three sessions of pullback attempts from the recent low of 16,836, it still looks to be the lowest closing of the recent downtrend on a closing basis.
He further said that in the next trading sessions, if the Nifty is not able to sustain above 17,077, then it may see a downside level of 16,836 and then 16,604 which is also its 200-day moving average. On the other hand, if Nifty manages to stay above 17,100 in the next sessions and reaches the level of 17,373, then it will see a consolidation between 17,600 -16,900.
Since the market will undergo major economic events during the next two trading sessions, these events will play an important role in determining the condition of the market.
But on the previous trading day, mid and small caps had outperformed the giants. The Nifty Midcap 100 index closed with a gain of 1.5 per cent and the Smallcap 100 index by 1 per cent.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 16,994.83 and after that the second support is located at 16,887.77. If the index turns upwards, then it may face resistance at 17,291.23 then 17,480.57.
The first support for Nifty Bank is located at 37,373.37 and after that the second support is located at 37,057.34. If the index turns upwards, then it may face resistance at 38,213.57 then 38,737.73.
call option data
The maximum call open interest of 20.11 lakh contracts has been seen at the 18000 strike, which will act as an important resistance level in the February series. After this, the highest call open interest of 11.55 lakh contracts is being seen at 17,500. At the same time, there is a call open interest of 10.15 lakh contracts at the strike of 17700.
Call writing was seen on the strike of 18,000. 3.35 lakh contracts were added to this strike. After that 2.4 lakh contracts have been seen getting added even at 17,400.
The maximum call unwinding was seen at the strike of 16,900. This was followed by the highest call unwinding at 16,500 and then 17,000 strike.
put option data
The maximum put open interest of 37.15 lakh contracts has been seen at the strike of 16,500, which will act as an important support level in the February series. After this, the highest put open interest of 22.93 lakh contracts is being seen at 16,000. At the same time, there is a put open interest of 23.18 lakh contracts at the strike of 17200.
Put writing was seen at the 18,000 strike. 3.13 lakh contracts were added to this strike. After that 3.07 lakh contracts have been seen adding even at 16,000. Whereas at 17900 2.71 lakh contracts are connected.
The maximum put unwinding was seen at the strike of 17600. This was followed by the highest put unwinding at 16,700 and then 17,700 strike.
Stocks with High Delivery Percentage
These include the names of HDFC Bank, HUL, HDFC, Infi and Reliance. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
On January 28, foreign institutional investors sold Rs 5,045.34 crore in the Indian markets. At the same time, domestic institutional investors bought Rs 3,358.67 crore on this day.
Stocks coming under F&O ban on NSE
Since we are at the beginning of the February series, no stock is under F&O ban on December 31. It is to be noted that the stocks included in the F&O segment are put in the ban category if the positions of the securities exceed their market wide position limits.
GLOBAL Hints Good
A day before the budget, global signs are looking good. SGX NIFTY is seeing an increase of more than 150 points. Looks strong in NIKKEI. Most other Asian markets are closed today. On Friday, there was a strong jump in the US market. The DOW is up 565 points while the NASDAQ has risen over 3%.
Budget session from today, FM to present economic service
The budget session of Parliament will begin today. Finance Minister Nirmala Sitharaman will present the Economic Survey. Tomorrow the budget for FY23 will be presented.
Results of 5 companies of Nifty today
It’s a big day for results. The results of 5 Nifty companies BPCL, IOC, SUN PHARMA, TATA MOTORS and UPL will come today. The results of DLF, EXIDE, HPCL and NAVIN FLUORINE included in the exam will also be awaited.
BRITANNIA’S PROFIT DECREASED
BRITANNIA’s revenue grew 13 percent in the third quarter but profits declined. Domestic volumes grew by 5% more than expected. At the same time, there was an increase of 1% in both MARICO’s PROFIT and VOLUME.
AGS Transact IPO Listing Today
AGS TRANSACT TECH IPO will be listed today. The issue was filled almost 8 times. The issue price is around Rs 175. Today is the last day of IPO of ADANI WILMAR. The issue is fully subscribed.
strategy on nifty
Talking on what should be the strategy on Nifty in today’s trade, Virendra Kumar of CNBC-Awaaz said that its resistance zone is 17214-17296 and the bigger resistance zone is 17351-17432. Its base zone is 17044-16982 and the larger base zone is 16931-16864. FIIs are cutting positions at higher levels, avoid trading in the 17000-17200 zone. Today and tomorrow are important for global markets. Indian budget and US market will be important. There will be strength above 17200-231, above it 17351 is also possible. Buy if Nifty stays above 17200-231. If one session stays above 17351 then 14732-500 will also be available. Think short key just below 17044-16982.
strategy on nifty bank
Its resistance zone is 38050-38236 and the larger resistance zone is 38423-38590. Its base zone is 37529-37370 and the larger base zone is 37210-37040. After a strong rally, some points have been given back on Friday. Looking at the budget, 37000 is an important base. Consolidation is necessary for some time after opening. Buy if previous low and closes 37500. Keep in mind there is 20 DEMA at 37550. The 37500 put has an OI of 5.34 lakhs. As long as it is above 37550, the uptrend will continue.
,