0

Daily Market Analysis 17 Jan 2023 Tuesday

Market Structure : Bearish, Sell on Rise Market

Nifty Long Term View Jan 2023

Best 10 Trading & Investing Books You Should Read

Nifty Analysis :

1. Nifty opened above the trendline and started falling from the opening.
2. Making it as a rejection from the Trendline
3. Nifty traded in the previous week’s range of 18150 to 17760
4. If Nifty opens gap down below the low of today and crosses 15 minutes low, then we may witness a trending day tomorrow on downside.
5. Descending Bearish Triangle pattern not broken.

Nifty Weekly Options Data :

1. Option sellers added calls heavily in intraday.
2. Highest OI at 18000, 18100 and 17900 calls
3. Highest OI on put side is at 17900, this OI is added may be by Short Straddle traders.
4. Put Call Ratio is 0.61, which is a bearish sign.

Nifty Monthly Options Data :

1. In monthly expiry, option sellers added 18000, 18100 and 18200 calls.
2. Option sellers are maintaining short straddles at 18000 and 17900 in monthly expiry
3. Total number of puts and call are at same number, making it Put Call Ratio as 1.03 which is neutral sign for Monthly Expiry.

Bank Nifty Analysis :

1. Bank Nifty touched previous week’s high in intraday and closed below yesterday’s closing which is not a good sign, after Friday’s upmove.
2. Bank Nifty traded in Previous Week’s range 42700 to 41750
3. Same like Nifty, If Bank Nifty opens gap down below the low of today and crosses 15 minutes low, then we may witness a trending day tomorrow on downside

Bank Nifty Weekly Options Data :

1. Option Sellers added heavy calls at 42500 and above
2. On Put side option sellers having puts at 42000
3. Option sellers added more calls than puts in Weekly Expiry and the Put Call Ratio is 0.67, which is a bearish sign

Bank Nifty Monthly Options Data :

1. In Monthly Options, Option sellers are maintaining 42000 Puts
2. Monthly Expiry Put Call Ratio is at 0.89

Final Thoughts :

1. Nifty and Bank Nifty are in the same range again
2. Friday’s positive momentum negated with today’s closing.
3. If tomorrow opening is flat or gap up, can see a range bound day.
4. If tomorrow’s opening is gap down below today’s low and crosses first 15 minutes low, then we may witness a trending day tomorrow on downside.
5. Can see momentum, if weekly low breaks.

If you are seeing anything else other than what I’m seeing from this data, post your view below in the comments section.

To get Live Market Price Action updates, follow me on Telegram Binary_Trader_IN

Disclaimer : I’m not a SEBI registered analyst, these are my views only.