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Replete Bell Daily Market Update – 07th January 2021

• Updated on: January 7, 2021
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Good Morning guys! I wish you a very happy New Year 2021! In this Replete Bell Daily Market Update I’m trying to share the latest trend, support & resistance and the range we can expect in the coming sessions for Nifty50 and BankNifty index.

So read this post till end to know the latest support and resistance.

Market Commentary for 06th January 2021

Here is the market commentary for 06th January, 2021

  • Yesterday we saw some profit booking on the higher levels, and Nifty closed with a marginal loss of 0.38%.
  • FIIs & DIIs both were the net sellers yesterday. Sold 483.64 Cr in Cash.
  • Selling was seen in IT & FMCG, while buying was seen in Metal and Reality stocks.
  • Asian Market was mixed on January 06, 2021, While Europen Markets advanced due to coronavirus and Georgia runoff remain in focus.

Now look at the charts and Open Interest data to find the latest support and resistance for Nifty and BankNifty.

Daily Market Update: Nifty

Nifty chart today: Daily market update

After a gap down opening, we saw some recovery from the lower level, and Nifty made a new high of 14244.15. Later in the second half, we saw some profit booking from higher-level, which drags Nifty to the low of 14039.90.

As per the chart, 14051 is acting an immediate support level. A sustainable recovery will give us a new upside target of 14380. A breakdown from 14051 will lead to the second and strong support level at 13775.

Overall trend is UP and there is no sign of weakness. Based on the chart we may see two scenarios in the coming sessions.

  1. Either we may see a new target of 14380 or
  2. We may see a breakdown from 14051 to tough the next support level at 13775.

Based on the current chart: Range for coming sessions is 14051 – 14375. Now let us look at the OI data to know the range based on the Open interest.

Daily Market Update: Open Interest analysis of Nifty

daily market update: Open interest analysis

Based on the current OI data for 07th January weekly expiry. We can see the highest oi data is at 14200 CE, 14250 CE, 14300 CE, and 14000 PE. It indicates that 14200 – 14300 is acting as the current resistance level zone, and 14000 is acting as the immediate support level for the 07th January 2021 weekly expiry. Max pain is at 14200, giving expiry level.

For Monthly expiry. 13500 is acting as the immediate support level with 2.74 PCR and 14500 is acting as the Immediate resistance level with 0.24 PCR.

Daily Market Update: BankNifty

banknifty chart today

After a range-bound activity in the last few trading sessions, BankNifty gave a breakout from 31500 and made a new high of 31767.65 on 05th January 2021. Yesterday after a gap up opening BankNifty made a high of 31982.30.

Later in the second half, we saw some profit booking which drags Banknifty to its immediate support level i.e. 31500 (which was the resistance previously).

On the higher side, 32000 was our target which was hit already, Now a sustainable recovery will lead to our next targets of 32600 & 33300. On the lower side, 31000 is acting as the immediate support level here. A breakdown will lead to next support level i.e. 30300.

Daily Market Update: Open Interest analysis of BankNifty

Open interest analysis

Based on the current OI data for 07th January weekly expiry. We can see the highest oi data is at 32000 CE, 32200 CE, 32500 CE, 32000 PE, and 31500 PE. It indicates that 32200 – 32500 is acting as the current resistance level zone, and 32000 – 31500 is acting as the immediate support level for the 07th January 2021 weekly expiry. Max pain is at 32000, giving expiry level.

For Monthly expiry. 30000 is acting as the immediate support level with 9.1 PCR and 33000 is acting as the Immediate resistance level with 0.04 PCR.

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Post your comments in the comment box if you have a query related to the daily market update. You can ask any question related to options trading in the comment box.

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DISCLAIMER: – we are not a SEBI research analyst. Views posted in this daily market update article only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods.  This information should only be used by investors and traders who are aware of the risk inherent in securities trading.

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Sachin Sival is the founder and CEO of Replete Equities, an options trading company that specializes in delta hedging. A self-taught trader, Sachin has a passion for volatility trading and stock trading. Sachin loves to hone his skills by reading up on new strategies and techniques as well as taking part in industry events. In addition to being a successful entrepreneur, Sachin also takes pleasure in photography - as a hobby.

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