Nifty View as on January 1st 2021 (EOD Analysis)
Nifty OHLC on Jan 1, 2021
Nifty opened at 13996.10, above the previous day’s close of 13981.75, made a low of 13991.35, continue its bullishness to make a new all time high of 14049.85 and closed at 14018.50.
On 31st Dec 2021 at 2:00 PM, we’ve given Nifty’s next potential level to watch out as 14060-80 zone on our telegram channel (Link: https://t.me/aimarrow to join our group) and we’ve almost reached the lower end (Day’s high: 14049.85) of that zone today.
What does Nifty’s Chart tell us?
Nifty in daily time-frame has been moving in a channel from 21st September 2020 and is at the higher end of the channel today i.e. Jan 1, 2021.
Nifty may face channel resistance and if the global cues are muted, we can witness a correction. In case of a correction, chart indicates and moving averages indicate 13620 which will act as a good support.
Here is the chart for your reference:
Nifty Open Interest (OI)
Calls: At the end of the day, Nifty has the highest open interest on the call side for this week’s expiry (Jan 7, 2020) at 14000 strike and next highest OI at 14200 call which will act as the resistance.
Puts: On the put side, the highest OI is at 14000 strike and the next highest open interest at 13900 strike. Interestingly both calls and put has the highest OI at 14k strike, which will act as a support both technically and psychologically going forward.
Daily RSI is at 73.10 and is showing no signs of cooling down! However, one has to be very cautious at this level.
I personally think a lot of things are already factored in and a correction from the channel high is good for the market to inch higher. A breakout of the channel may push higher and we’ll post on that when happens.
Wish you all a happy and profitable new year! Hope this helps, and do share if you feel this information is useful! 🙂
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