NIFTY continued its volatility yesterday as well and finally closed at more or less where it opened. Last two days have been highly volatile intraday days where neither Buyers nor Sellers in control to take NIFTY further UP or DOWN. NIFTY struck between 11185 and 11305 range for the past two days. However, i looks like this range is going to break today at the opening itself on UP side. US markets close positively and up by 1%. Asian markets mostly trading in Green. SGX NIFTY indicating gap up opening by 100 points.
F&O Data Analysis (1st Oct series): Highest OI on CALL side at 11400 & 11500; Highest OI on PUT side is at 11000 & 11200. More OI added at 11400 & 11350 CALLs and 11200 & 11100 PUTs. PCR is slightly up from 0.95 to 1.05 which indicates consolidation and decent options writing on both CALL and PUT options. No change in Maxpain.
Technically speaking 11300, 11225, 11180, 11100 and 10790 are important Support Levels; 11385, 11460, 11500 and 11620 are important Resistance levels based on Daily charts for Positional play. For today 11305, 11225 and 11180 and 11100 are important Support levels; 11385, 11460, 11500 and 11620 are important Resistance levels. For today Expiry, looks like 11600/11550 CALLs and 11100/11150 PUTs are good to start selling at opening (but need to manage in case of big moves). I am going to trade today Expiry cautiously as NIFTY is mostly going to open with big gap up of 100 points and 11385 which is a first Resistance level will be close to opening. It might trend up after break out from consolidation, however we cannot rule out the possibility of filling today gap by retracing back upto 11305. So, need to trade cautiously.
FIIs sold tiny quantity of 712 Crs and DIIs bought 409 Crs worth of shares 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
