The benchmark of 50 share Nifty closed above a crucial level of 6040 (closing price 6064 spot) in last day of week ended 18-Jan that is strong hurdle in last couple of weeks 6040.
Along with nifty option open interest data also shown that 6200CE strike higher OI build up in the near month future & option series.
Option data indicates that 6200 shall be the first hurdle for the nifty in short term prospective and on the put data on 5900PE highest OI shown on the chart as below you can see.

  • Nifty Put Call Ratio : 1.406 that is a sign for bullishness in the market.
  • In call option highest open interest build up 8504150 on 6200 strike price.
  • In put option highest open interest build up 8796800 on 5900 strike price.
  • CNX Nifty Future close at 6072.75 with change in open interest of 16050 for current expiry

Now what to expect from market?

Support for nifty future is 6055-6060
Above 6075-80 Nifty may touch 6110-20
For 6300 level Nifty will have to be closed above 6140-50 level on weekly basis.

Stock Pick for Positional Trader

Buy ICICI Bank for Target of 1240-50 SL 1135-40

Stock For Intraday Trading

Buy Larsen Above 1541 Tgt 1550-1561-1569 SL 1528 (Intraday)

Intraday traders may also check daily support and resistance level for Nifty 50 stock based on Pivot Point and Fibonacci Retracement method only for day trading.