NIFTY for 17th January

NSE:NIFTY   Nifty 50 Index
Today’s expiry was not as explosive as normally the expiries are. The range of Nifty was confined to just 73 points. Like an obedient student it did not cross 12400 since it was resistance and it came up from 12315, just before our marked support on chart. So whosoever did take long trade there, got good reward. But then, expect some volatility tomorrow. For last few weeks I have seen this – if expiry turns out to be uneventful, Friday fireworks are seen. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. Both FIIs and DIIs were net sellers today but the amounts are not big. So institutions did what they did yesterday too- did some value buying and sold of high valuation picks or booked profit in other words. One can say, index juggling along with portfolio juggling is being done.
According to option chain (expiry 23/01/20), 12300 is clearly a reliable support and 12400 a dependable resistance. On daily chart , Nifty made a higher high, higher low, Doji candle as compared to yesterday’s candle. On 15 min chart, the levels that we drew yesterday are still holding good with the exception that now we can think of selling Nifty since I see a bit of tiredness here. So one can buy in buying area shown and sell Nifty at around 12390 for tomorrow with stop loss.
All the best. Happy trading.

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