The OI data support and resistance based on charts and OI and some important global news for 21st March 2023
SGX Nifty
SGXNIFTY comfortably trading above 17000 being 0.5% up from yesterday’s closing
Nifty Levels based on chart
There is FPS buy signal in Nifty with support at 16940 16898 16828
Nifty resistance at 17062 17125
Bank Nifty Levels
Bank Nifty has a strong resistance zone near 39540-580 if we get a rejection from this zone then it will be again fall and if we break above 39650 no stopping till 40000
FII Data Analysis
The FIIS have carried shorts in all FNO segments signaling their bearish bias on India markets, Meanwhile Reatils are quite bullish with huge PE shorts. But as I see that global market sentiments will wither away in a day or 2 and we will again start seeing issues with US banks. The markets are sell on rise and we may see good long unwinding in second half.
OI Based levels
NIFTY support and resistance based on OI
High chances of rejection based on Nifty OI the upmove was used to exit around 33 lakh PE and heavy CE writing of 27 lakhs at 17200 Support at 16900 Resistance at 17200
Bank Nifty support and resistance based on OI
