Nifty’s ATH Streak Ended Finally! What Next?
Nifty OHLC on 14 Jan 2021
As mentioned in yesterday’s analysis, Nifty has mostly moved in the range between 14500 and 14600. 🙂
Nifty has opened slightly negative at 14550.05 from yesterday’s closing of 14564.85. It soon made a low of 14471.50 but recovered to spend the rest of the day within the range mentioned above. It made a high of 14617.80 and closed at 14595.60.
What does Nifty’s EOD Chart tell us?
Finally Nifty has ended it’s 13 day all time high streak in a row! It took the trend line support as you can seen in the image below. As mentioned yesterday, Nifty needs to breakout of either end to make it’s move further.
Nifty Open Interest (OI)
Let’s analyze the next week’s expiry i.e. 21 Jan 2021 open interest data!
Calls: The highest OI on the calls side is at 15000 strike price and the next highest OI at 14600 which will act as immediate resistance.
Resistance Levels: 14640, 14720
Puts: The highest OI on the put side is at 13500 strike price followed by 14500 and 14000 strikes respectively. Though it will be the beginning of the next week’s expiry, for the first time, there is a significant OI seen at 13500.
Considering the above data, I’d wait for a breakout on the downside. I sense a strong correction is on the cards for Nifty!
Support Levels: 14500, 14440, 14240-260, 14000
Global Markets
- The EU markets closed on a slightly positive note
- Dow Jones and NASDAQ are also trading around +0.30% points like the EU markets while I’m writing this analysis
- Dow Jones Futures and SGX Nifty are also showing similar behavior
Conclusion: Putting all the data together, for me markets across the world are also consolidating and Nifty is no different. I think a correction shall begin soon! 😀
Happy trading! Hope this helps, and do share if you feel this information is useful! 🙂
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