NIFTY turned very bullish on Thursday last week after couple of days of consolidation on Tuesday and Wednesday. Last two days, in fact September month has been very volatile for positional and also for intraday players on some days. There is a V shape recovery in market last week. While our markets resting over long weekend, there was a lot of action in Global markets and SGX NIFTY when news came out that US president Donald Trump has been tested positive for Covid19. However, markets recovered across the globe after knee jerk reaction.
F&O Data Analysis (8th Oct series): Highest OI on CALL side at 11500 & 11800; Highest OI on PUT side is at 11200 & 11300. Some OI added at 11800 & 12000 CALLs and more OI added at 11400 & 11300 PUTs. PCR has gone up and now at 1.2 which indicates more PUT writing was done on last Thursday. Maxpain also significantly improved and now at 11400.
US and European markets recovered well on Friday during later part of the day. Asian and US futures are trading positive. SGX NIFTY indicating flat opening.
Technically speaking After V shape recovery NIFTY is close to Key Resistance zone of 11500 to 11600. Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11300, 11180, 11075 and 10790. Resistance: 11460, 11500 and 11620. Support & Resistance levels for today: Support: 11385, 11350 and 11305; Resistance: 11460, 11460, 11500, 11560 and 11620.
After continuously selling for 7 days FIIs bought 1632 crores worth of stocks in Cash market on last Friday. DIIs continuing their buying in Cash market but for less quantity of 260 crores on Thursday.
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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
