NIFTY showed great fighting spirit and did not give up crucial support level of 11300 on closing basis. Though 11300 was broken during market opening on yesterday but buying came at 11260 levels and then NIFTY remained positive for the rest of the day. Volatility game started around 2 pm, NIFTY fell down by 85 points in 45 mins and then shot up 90 points in 30 mins in V shape recovery. So, NIFTY closed at Day’s high with huge buying in heavy weights such as RELIANCE and ITC from 3 pm.
European markets closed strongly by more than 2% yesterday and this was also positive news for NIFTY during yesterday trading session. Technically speaking, as you could see in above chart, NIFTY couldn’t close above downward Trendline and should close above 11455 to gain strength to possibly see further higher levels. NIFTY has series of Resistance at following levels (based on Daily charts): 11455, 11510, 11590 and 11800. Following are the support levels: 11250, 11100, 10890 and 10560.
F&O Data for 10th Sep expiry series: Highest OI on CALL side shifted 11600 from 12000, on PUT side highest OI remained at 11000. There was option writing on both CALLs and PUTs yesterday at 11400 & 11600 on CALL side and 11300 & 11200 on PUT side. PCR slightly went from 0.7 to 0.79 and no change in Maxpain. This indicates, this weekly expiry may happen between 11600 and 11000, but we have to continue to watch how OI changes in next coming 2 days.
FIIs sold small quantity of 7 crores stocks yesterday and DIIs remained net sellers 816 crores worth of stocks yesterday. US markets were closed yesterday, Asian markets trading mixed and SGX NIFTY is indicating a flat opening.
Following are the important levels for NIFTY for today intraday: Support: 11350, 11310, 11280 and 11250. Resistance: 11400, 11452 and 11500
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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.
