NIFTY continued its strong up move yesterday as well and closed above important Resistance level of 11620. With yesterday move NIFTY shot up by 880 points in 7 trading sessions which is one of the sharpest raise for NIFTY. 3 days of continuous gap up and not even one gap filled on Daily charts. Market broke all the Resistance levels just like that and proved market is always supreme.
Yesterday nigh SGX NIFTY rallied upto 11740 levels and then fell down as the news came out from US that Trump has halted US Stimulus package. US markets sharply declined after this news and close down by 1.5%. European markets closed flat. Asian markets are trading flat and SGX NIFTY is indicating opening about 20 points gap up.
F&O Data Analysis (8th Oct series): Highest OI on CALL side at 11800; Highest OI on PUT side is at 11500. Lot of unwinding done on CALL side as NIFTY sharply went up in last one hour. Some OI added at 11900 CALLs and more OI added at 11500 & 11600 PUTs. PCR has gone up from 0.93 to 1.33 which indicates aggressive PUT writing was done yesterday. Maxpain is up by 100 points and now at 11600.
Technically speaking NIFTY broke 11620 Resistance level also yesterday. Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11615, 11500 and 11430. Resistance: 11800 and 12000. Support & Resistance levels for today: Support: 11615, 11570 and 11515; Resistance: 11685, 11735 and 11800.
FIIs bought 1101 crores worth of stocks in Cash market yesterday. DIIs sold -934 crores worth of shares.
Follow my 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
