NIFTY opened gap down yesterday but recovered all its losses and closed 60 points above from morning opening because of strong support from Reliance and Global cues. European markets and US markets closed strongly yesterday, Asian markets are trading flat and SGX NIFTY is indicating flat opening for NIFTY.
Technically speaking, it’s slightly difficult day to predict NIFTY direction today as Weekly charts are showing weakness as NIFTY broke 11300 this week and yet to reach its first target of 11100, on Daily charts there is a Green candle yday due to decent buying from lower levels. Ideally if 11300 is crossed today then it should continue its upward journey however as there is weakness in overall market there is a possibility of using any such raise for initiating shorts so NIFTY may come down in second half of the session. So, am going to trade this expiry cautiously on down side.
Following are important Support & Resistance levels to watch out for today for NIFTY spot: Resistance:11325, 11395, 11452, 11510 and 11585. Support: 11260, 11220, 11185 and 11100; Overall 11452 on upside and 11185 on downside are very important levels today.
F&O Data Analysis (10th Sep series): Highest OI on CALL side at 11500 & 11400 levels; More CALL writing done at 11300 yesterday. Highest OI on PUT side is at 11000 and there was good PUT writing at 11200 yday. PCR slighly up to 0.81 from 0.78. Maxpain also down by 50 points and now at 11300. I think 11500 & above CALLs and 11100 & below PUTs may be safe bets at the opening of the market. Today afternoon session may be volatile, remember Market is supreme and always be ready to listen to market and we have to adjust our positions accordingly.
Both FIIs & DIIs were nett sellers in Cash market yesterday.
I have booked full profit in my 17th Sept series Bear Call Spread strategy with 1.9% ROI in one week. 11700 CALLs sold in 10th Sept series will become worthless and i will keep all that profit.
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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.
