NIFTY witnessed profit booking throughout the day after it has made another new All Time High of 13145. NIFTY fell down more than 300 points from yesterday intraday high. US and European markets closed flat yesterday, Asian markets also trading flat, US futures in Green marginally and SGX NIFTY indicating a gap up opening by 60 points.
F&O Data Analysis (26th Nov series): Highest OI on CALL side at 13000 & 13200; Highest OI on PUT side is at 12800 & 12500. Highest OI addition is high at 13000 & 12900 on CALL side and pushed down to 12500 on PUT side. There was huge CALL writing and PUT unwinding yesterday and as a result of it PCR is dropped to 1.02 from 1.61 in a day. Maxpain is down by 100 points and now at 12800. Looking at F&O data as on today market participants are expecting NIFTY to close between 13200 and 12500 for today expiry.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 12825, 12730, 12610 and 12430. Resistance: 13145, 13220 and 13300 Support & Resistance levels for today based on Hourly charts: Support: 12825 to 12840, 12730, 12650 and 12600; Resistance: 12965, 13040, 13100, 13150 and 13220; NIFTY formed Bearish Engulfing pattern in Daily chart but closed exactly at Trendline support level, so if NIFTY breaks 11825 level decisively and trades below level, then NIFTY may easily test 12730 and further downside levels. Selling deep OTM CALL options perhaps 13200 & above may safe at market opening. However, if NIFTY turns bullish then one should be in a position to manage their trades through adjustments.
FIIs bought just 25 crores worth of stocks after huge buying in this month and DIIs sold 1840 crores worth of stocks in cash market yesterday.
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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.
