Nifty trend turning up 0 1270

Pre Market Updates Wednesday January 16, 2019
Nifty levels

Positive Points:

  • India VIX fell by 3.59 percent to 15.58 levels. Volatility has to cool down further to get a decisive range breakout.
  • Nifty & Bank Nifty contracts saw a marginal addition of long positions as open interest.

Negative Points:

  • The rupee came under pressure recently after global oil prices rebounded from December lows on supply cuts by producer club OPEC and Russia.

Outlook:

  • Yesterday I can’t write article as I was in travel
  • Tuesday, was undoubtedly the best day so far of the new calendar year
  • Market rally was supported by tax cut plan in China and ease in domestic CPI inflation to 2.19% for the month of December.
  • Nifty trend turning up
  • 10900-11000 range facing huge resistance many times in the recent week, so if it is broken the rally will be very big.
  • Our markets has under-performed world markets by huge margin January, if that gets adjusted, Nifty can go to 11200-11300 levels.
  • Nifty likely to face resistance at 10970 and support at 10860.

Nifty50 Chart Analysis:  Bullish Diamond Pattern

  • Nifty forming Bullish Diamond Pattern on charts.
  • Diamond chart reversals occur mostly at major tops and with high volume.
  • It occurs rarely at market bottoms.
  • It is common to notice diamond bottoms in a bull market with an upward breakout, whereas those in a bear market rank second for overall performance.

FII & DII Net Purchase / Sales

  • FII: +160 CR
  • DII: +417 CR

Options Data Tracking

Max Pain

  • Nifty max pain level currently at 10800
  • Bank Nifty max pain level currently at 27400

Put Call Ratio

  • Nifty PCR at 1.29
  • Nifty Bank PCR at 1.25.

Max O.I Strikes

  • Nifty: 10500 PE and 11000 CE
  • Bank Nifty: 27000 PE and 28000 CE

FnO Stocks under Ban

  • ADANIPOWER
  • JETAIRWAYS

FnO Earnings to Watch on 2019-01-15

  • MINDTREE
  • DCBBANK.

Disclaimer: The views expressed by investment expert on https://www.rollnreel.com are his own and data available from nseindia.com. Rollnreel.com advises users to check with certified experts before taking any investment decisions.

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