NIFTY broke its previous all time high of 12430 and closed above it at 12461 by setting new all time high. With this spectacular rally of close to 950 points in last days NIFTY entered into no chart territory. After closing of Indian markets Pfizer announced that the Covid19 vaccine they have developed produced positive results for 90% of the people. This news led to rally of stock markets across the globe. European countries which are worst hit with Covid19 rallied by more than 5%, Dow futures was up by more than 5% at it peak. Finally, US Dow Jones closed strongly, Asian markets are trading strongly and SGX NIFTY is indicating gap up opening by 120 to 150 points.
F&O Data Analysis (12th Nov series): Highest OI on CALL side at 12700; Highest OI on PUT side is at 12000 & 12300. OI addition is high at 12700 & 12800 on CALL side and at 12300 & 12400 on PUT side. No change in PCR and it is at 1.6. Maxpain is up by 150 points and now at 12300. Looking at F&O data as on today market participants are expecting NIFTY to close between 12700 and 12000 by 12th November.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 12430, 12280, 12175 and 12025. Resistance: 12650 and 12725. Support & Resistance levels for today: Support: 12530, 12475, 12430 and 12370; Resistance: 12650 and 12725;
FIIs bought huge quantity of 4548 crores worth of stocks and DIIs sold 3038 crores worth of stocks in cash market yesterday. FIIs have infused 17748 crores in Indian cash market in just 5 days in November. This is huge amount and in very short time.
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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.
