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January 16, Tuesday 2018

Nifty Futures  10,743

Technical Analysis --  Nifty Futures:

NF made a robust start to the week -- registered a new Life-time high, scaling 10,700 for the first time ever on Monday. It formed an Inverted Hammer pattern on Chart.

Overall, NF has been making higher tops and higher bottoms, and supports are gradually shifting higher.

If the follow-up candle fails to make a higher high and close below the prior candle, it would represent trapped buyers.

If NF manages to sustain above 10,780, the rally shall get extended till 10,870.

On the options front, maximum Put open interest stood @ 10,500, while maximum Call OI was @ 11,000.

Fresh and significant Put writing was seen at strike prices 10,700, 10,800, 10,750 and 10,600, which is shifting its support, while fresh Call writing @ 10,800 could act as an immediate hurdle.

F&O data suggests a trading range of 10,650-10,850 levels.

India VIX moved up 4.19% to 14.30.


Nifty Futures Intraday Trading Levels for 16-1-2018:
Buy above   10,790 Tgts:   10,805  /  10,820   SL:  10,770
Sell below   10,730  Tgts:   10,715 /  10,700    SL:  10,750