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Daily Market Analysis 24 Jan 2023 Tuesday

Market Structure : Bullish / Buy on Dips

Nifty Analysis :

1. Nifty closed higher compared to previous closing.
2. Nifty closed above short term downtrend for the first time, need to sustain above it for one more day. Read more about Nifty Long Term View Jan 2023
3. Currently Nifty is Bullish and in Buy on Dips mode.
4. Nifty is in a range from last 3 days, need to break this range for further upmove. See Nifty 15 minutes chart below.
5. In Daily timeframe, Nifty closed as a doji candle. That means Nifty closed exactly where it opened today.

Nifty Monthly Options Data :

1. Option Sellers added puts at 18100 and below in Intraday.
2. In Positional Data, Option Sellers are maintaining 18100 Short Straddles in huge quantities, that means option sellers are expecting market to close around 18100 for this expiry.
3. More than 1.1 Crore is added at 18100 both call and put individually.
4. Put Call Ratio is at 0.84, this is an improvement compared to yesterday’s Put Call Ratio of 0.71

Bank Nifty Analysis :

1. Bank Nifty broken and closed above previous week’s range, this is positive for Bank Nifty
2. There an upper trendline connecting the lower high. See hourly chart below.
3. Bank Nifty should close above this upper trendline for short term trend to change.
4. Bank Nifty’s closing is Bullish and currently in Buy on Dips Mode.
5. In Daily timeframe Bank Nifty closed as a Doji Candle.

Bank Nifty Monthly Options Data Analysis :

1. Option Sellers added highest OI at 43000 call
2. That means option sellers are not expecting a move beyond 43000 for this expiry.
3. Put Call Ratio is at 0.94

Final Thoughts :

1. Nifty and Bank Nifty both closed higher and indicating a bullish momentum.
2. Nifty and Bank Nifty both are bullish and indicating Buy on Dips in Intraday.
3. There are no important levels for tomorrow, but it is Buy on Dips market.
4. Yesterday’s indicated level for Nifty worked very well, and Nifty bounced from this level 2 times in Intraday (See the pic below). You can see that level in Nifty 15 minutes chart from Yesterday’s Daily Market Analysis

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.