NIFTY has been consolidating in 150 points range around 11300 to 11350 for the past 3 days. Yesterday during intraday it crossed Tuesday’s high however couldn’t sustain selling pressure in the second half but held on to 11300 level. Fall in the afternoon session is mainly due to weakness in Global markets.
US markets fell down by 2.5 to 4%, European markets down by 1% and Asian markets are trading in RED by 1% down. SGX NIFTY is indicating a gap down opening by around 40 points.
Technically both NIFTY and BANKNIFTY looking weak, 11250 is important Support level for NIFTY if that is broken then more selling will come in. Similarly 22450 and 22250 are important Support levels for BANKNIFTY.
Support & Resistance for NIFTY (Positional): Support: 11250, 11100, 10890; Resistance: 11450, 11600 and 11800; Support & Resistance for NIFTY (Intraday): Support: 11250, 11190, 11100; Resistance: 11300, 11380, 11400 and 11435;
F&O Data Analysis (10th Sep series): Highest OI on CALL side at 11600 & 11500 levels; Huge OI added at 11500 yesterday. Highest OI on PUT side is at 11000 and there was decent PUT writing at same strike yday. PCR slighly came down as more CALLs sold yday compared to PUTs. Maxpain also down by 50 points and now at 11350. VIX went up by 3% yday.
FIIs were nett sellers yesterday in Cash market but DIIs bought bought the stocks.
I have booked 50% profit in my 17th Sept series Bear Call Spread strategy and holding remaining 50% for more profits. Also, 11700 CALLs sold in 10th Sept series are in good profit.
Follow my LIVE TRADES at:
Telegram: https://t.me/WealthyOptions
Twitter: https://twitter.com/wealthyoptions1
Performance: https://www.wealthyoptions.in/performance
Training: https://www.wealthyoptions.in/training
Testimonials: https://www.wealthyoptions.in/testimonials
Disclaimer: Above analysis is just my opinion based on Technical Analysis, F&O Data study and my experience in the market. This information is for educational purpose only, and it possible that my analysis may go wrong. So, take your own decisions or consult your Financial advisor before taking any trading or investment decisions.
