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19.01.2020
AAKASHAYA PATRA WEEKLY MARKET OVERVIEW 

The Indian market scaled new peaks in the week ended January 17 with Sensex climbing Mount 42000 for the first time. Optimism over the upcoming Budget on February 1 and the ongoing Q3 earnings season helped bulls maintain their hold on the D-Street.
The rally finally seems to be getting broad-based as Nifty Midcap and Small cap indices managed to outperform the front liners. Both indices logged 4 percent gains in the week gone by, compared to the BSE Sensex and Nifty50 which gained 0.8 percent each."Markets will witness higher volatility but in terms of price, they might just move higher before the Budget.
We are expecting the positive momentum to continue in the upcoming week, though some correction could be in the offing given the premium valuations. Stock-specific activity will guide the market as we get deeper into the earnings season. Mid cap and Small cap spaces are likely to continue their outperformance where a sector-specific move can be seen on pre-Budget news flows.

Key support and resistance level for Nifty

According to the pivot charts, the key support level for Nifty is placed at 12,320.63, followed by 12,288.97. If the index moves up, key resistance levels to watch out for are 12,384.73 and 12,417.17.
Nifty Bank

The Nifty Bank ended 0.83 percent lower at 31,590.65. The important pivot level, which will act as crucial support for the index, is placed at 31,432.93 followed by 31,275.17. On the upside, key resistance levels are placed at 31,761.03 and 31,931.37.
Call options data
Maximum call open interest (OI) of 28.23 lakh contracts was seen at 12,500 strike price. It will act as a crucial resistance level in the January series.
This is followed by 12,400 strike price, which holds 18.36 lakh contracts in open interest, and 12,300, which has accumulated 15.13 lakh contracts in open interest.
Significant call writing was seen at the 12,700 strike price, which added 1.51 lakh contracts. Call unwinding was witnessed at 12,500 strike price, which shed 2.14 lakh contracts, followed by 12,600 strike, which shed 0.99 lakh contracts.
Put options data

Maximum put open interest of 37.13 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the January series.
This is followed by 12,200 strike price, which holds 25.97 lakh contracts in open interest, and 12,300 strike price, which has accumulated 18.76 lakh contracts in open interest.
Put writing was seen at the 12,300 strike price, which added 2.15 lakh contracts, followed by 12,400 strike which added 1,52 lakh contracts. Put unwinding was seen at 12,000 strike price, which shed 4.94 lakh contracts, followed by 11,900 strike which shed 2.72 lakh contracts.

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