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Daily Market Analysis 19 Jan 2023 Thursday

Market Structure : Bullish / Buy on Dips

Nifty Analysis :

1. Nifty opened flat and closed at the highest point of the day above previous week’s high.
2. Nifty closed at the resistance zone.
3. If this resistance zone breaks, then the trend changes to uptrend in short term (I’ve discussed about this here in my Nifty Long Term View)
4. This is clearly buy on dips market as of today’s closing.
5. It is important to watch tomorrow’s closing, If Nifty is going to turn into UpTrend. It should close above the Trendline.
6. If there is any dip in intraday towards 18120 to 18100 it will act as buying zone.

Nifty Weekly Options Data :

1. Option Sellers added Puts heavily at 18100 and 18000 levels
2. Put Call Ratio is 1.4, which is a bullish sign.

Nifty Monthly Options Data :

1. In Monthly options also Option Sellers added 18000, 18100 puts in Intraday
2. 18200 short straddles added in Intraday.
3. In positional data, Option Sellers are maintaining 18100 Short Straddles.
4. Maximum Put OI is at 18000 and 17900 in Monthly options

Bank Nifty Analysis :

1. Bank Nifty still trading in the Previous Week’s range.
2. Bank Nifty closed higher compared to previous closing.
3. Bank Nifty closed in positive and turning into buy on dips market, for that Bank Nifty should close in positive for one more session.
4. Bank Nifty buying zone is 42380 to 42330 if there is any dip in intraday.

Bank Nifty Weekly Options Data :

1. Call sellers unwinded at 42000 and added puts at 42500 and below.
2. Bank Nifty max OI is at 42000 put and 425000 call.
3. Put Call Ratio is at 1.07, which is neutral for tomorrows expiry.

Bank Nifty Monthly Options Data :

1. In Monthly Expiry, Option Sellers added Short Straddles at 42500 in Intraday.
2. In Positional, Max OI is at 42000 Put and 43000 Call
3. Put Call Ratio is at 1, which is a neutral sign.

Final Thoughts :

1. Nifty is in Buy on Dips mode
2. For Nifty to turn into bullish trend, Nifty should trade and close above the trendline in daily time frame.
3. Bank Nifty is still in Previous Week’s range
4. Nifty and Bank Nifty buying zones can be seen in above charts.

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

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