NIFTY made new All Time High of 13277 and also closed All Time Close of 13258. NIFTY consolidated week before last week but started trending last week by breaking previous All time High. However, strength of the upmove was not as high as in October or November month rally. Global markets closed positively last week and on Friday. However, Asian markets and US Futures trading with negative bias now marginally. SGX NIFTY is indicating gap down opening by 40 to 50 points.
F&O Data Analysis (10th Dec series): Highest OI on CALL side at 13500 & 13200; Highest OI on PUT side is at 13200 & 13100. Highest OI addition is at 13300 & 13500 on CALL side and 13200 & 13100 on PUT side. PCR is up from 1.08 to 1.2 and Maxpain is up by 100 points and now at 13200. Looking at F&O data as on today market participants are expecting NIFTY to close between 13000 and 13500 by 10th Dec.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 13215, 13145, 12980 and 12790. Resistance: 13280, 13360 and 13500 Support & Resistance levels for today based on Hourly charts: Support: 13215, 13145 and 13110; Resistance: 13280 and 13360;
FIIs bought 2969 crores worth of stocks and DIIs sold 1971 crores worth of stocks in cash market yesterday. RBI kept key rates such as Repo and Reverse Repo rates unchanged and this was expected due to growing inflation. However, the language of Governor was very positive as he promised RBI policy will be very accommodative for ensuring liquidity in the system and support growth in the economy. This has improved market sentiment on Friday.
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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.
