Yesterday NIFTY opened at previous swing high of 12025 and then gave a shock by relentlessly falling for more than 350 points from Days high and finally closed at 11680. NIFTY broke all the intraday support levels and VIX shot up by more than 9%. Selling was aggregated after European markets opened very weak amid fears of another intense lockdown in European countries. US markets closed marginally low, European markets closed very weak, Asian markets trading mixed, US futures trading in slight positive bias and SGX NIFTY is indicating gap up opening by 70 to 80 points. Today afternoon session is going to be key to see if NIFTY can sustain gap up and trade higher or give up morning gains and if it closes below low then correction is likely to continue.
F&O Data Analysis (22nd Oct series): Highest OI on CALL side at 12000 & 11900; Highest OI on PUT side is at 11700 & 11600. More OI added at same levels. PCR is at 0.75 which is because more CALLs sold yday compared to PUTs; Maxpain as well down by 100 points and now at 11800.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11615, 11500 and 11300. Resistance: 11800, 12025, 12150 and 12250. Support & Resistance levels for today: Support: 11660 and 11615 ; Resistance: 11790, 11825 and 11907;
FIIs sold 604 crores and DIIs also sold 808 crores worth of shares in cash market yesterday.
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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.
