Nifty Support & Resistance Levels Using Technical Analysis & Data Analysis on 5th Jan, 2021


Nifty OHLC on Jan 5, 2021

As mentioned in yesterday’s analysis, with most of the indicators showing bearish signs, Nifty opened 57.75 gap down at 14075.15 from the previous day’s close of 14132.90. It made a low of 14048.15.

However, just as the recent trading sessions the bearishness dint last for long. Nifty went on to test the resistance level given by me yesterday, 14200 towards the day’s closing. It made yet another all time high of 14215.60 and closed 0.50 points below the 14200 mark.

Nifty OHLC on Jan 5, 2021
Nifty OHLC on Jan 5, 2021

What does Nifty’s Chart tell us?

Nifty has touched the channel top in the daily time-frame and has also tested our resistance of 14200. As mentioned in yesterday’s analysis, if Nifty manages to break and sustain above 14200, it can scale up to 14480 level.

Resistance: 14200

The support levels remain the same in case of any correction i.e. 14000 as strong support followed by 13820-13780 zone.

Supports: S1: 14000, S2: 13820-13780 zone

Here is the chart for your reference:

Nifty EOD Chart on 5 Jan 2021
Nifty EOD Chart on 5 Jan 2021

Nifty Open Interest (OI)

Calls: The highest open interest on the call side has today shifted from 14200 to 14500 which will act as firm resistance for Nifty. The trend line on the chart is also indicating 14480 as mentioned above.

The next highest OI on the call side is at 14300 followed by 14400. The call data has completely changed yesterday’s picture and is showing strength/bullishness!

Puts: The highest open interest on the put side remains at 14000 strike which will act as a strong support for this expiry. The next highest OI on puts has moved from 13900 to 14100 which will now act as the immediate support. This data is also in favor of bulls.

Daily RSI is at 76.83 and is inching up each day!

Conclusion: All the parameters are favoring bulls and if Nifty sustains above 14200 mark it may soon test 14500 and RSI may touch 80! Watch the trend line breakout and the levels mentioned.

Happy trading! Hope this helps, and do share if you feel this information is useful! 🙂

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