Open 12219 High 12225 Low 12139 Close 12201
Nifty is facing heavy resistance at 12200 levels.
Nifty opened with a gap up of 18 points at 12219 levels and touched a high of 12225 on the first 5 minute candle which also turned out to be the highest point of the day. Nifty could not sustain at 12200 levels and fell 78 point from opening levels amid high selling pressure to touch a day low levels of 12139 at around 12.20 pm.
The index showed its inherent strength and held up its support of 12150 levels. The index trended upwards for the rest of the session but could only managed to touch 12180 levels. The index closed the day at 12174 down 27 points or 0.22 percent.
Nifty is clearly in an uptrend. 12100-12150 is a crucial support level for the index. Nifty will face heavy resistance at 12300-12400 levels. A buy on dips strategy can be fruitful rather than aggressive shorting at higher levels.
Market Breadth Nifty
Advances 21 Declines 29
Highest gainer among Nifty 50 index was Yes Bank up 6.29 percent and biggest loser was Indusind Bank down 3.57 percent.
FNO Data Analysis
Nifty February Futures are trading at a discount of 11 points.
For February 12 expiry
Highest open interest Call side is at 12200 ce around 15.10 lakh shares
Highest open interest Put side is at 12100 pe around 10.41 lakh shares
Huge amount of call writing at 12200 ce means 12200 will act as strong support level for Nifty.