Published on 24/01/2020 10:10:15 AM | Source: HDFC Securities Ltd

Daily FNO Overview Of 24 January 2019 by HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Nifty may open marginally negative. If Nifty sustains above 12,180 level then traders may see Nifty heading towards 12,280 level otherwise it could move towards 12,080 level …


Markets rallied on Thursday after 3 sessions of weakness. The gains came despite negative global cues. A weakness in crude oil prices seemed to positively impact the domestic markets. The Nifty Jan Future closed 0.46% higher at 12,201. The Nifty Jan Future premium narrowed to 20.65 points from 42.1 points in the previous session.

Nifty IV decreased to 12.27% from 13.22%, indicating a drop in volatility expectations as the markets bounced back. The Nifty OI PCR jumped to 1.16 from 1.0 in the previous session, indicating there was more build-up of OI in the Put segment. In the index option segment, maximum Call writing was seen in the 12400-12500 January strikes, implying resistance at these levels for the near term. Maximum Put writing was seen in the 12200-12000 January strikes, indicating immediate support at these levels for the near term.

Technically, while the short term trend still remains down, yesterday’s move does give some hope for the bulls. Further upsides are likely once the immediate resistance of 12220 is taken out. Crucial supports to watch for any weakness are at 12120-12080.



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