We have entered into a week in stock market where full of action can be expected due to US presidential elections tomorrow. On Friday US markets closed weak, European markets closed flat, Asian markets are trading mixed and SGX NIFTY indicating around 40 points gap up opening. Globally one of the concern now is raising Covid19 cases in Europe and Western countries. France, Germany and UK announced lock down once again as number of people getting infected and deceased shot up in the last one month.
F&O Data Analysis (5th Nov series): Highest OI on CALL side at 12000 & 11700; Highest OI on PUT side is at 11600 & 11500. More OI added at 11700 & 12000 strikes on CALL side and at 11500 strike on PUT side. PCR is at 0.9 and Maxpain is down by 50 points and now at 11650. Looking at F&O data as on today market participants are expecting NIFTY to close between 12000 and 11500 by 5th Nov, but US election verdict may push both these levels as it is major global event. India VIX shot up by 8.5% at one stage on Friday and finally settled down with 2.5% increase. India VIX is trading at dangerous level of 25 and so one need to be ready for big moves in NIFTY. Options are priced very high.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11600, 11500, 11430 and 11300. Resistance: 11750, 11875, 11975 and 12025. Support & Resistance levels for today: Support: 11600, 11535 and 11430; Resistance: 11690, 11750, 11815 and 11875;
FIIs sold 871 crores worth of stocks and DIIs bought 631 crores worth of shares in cash market on Friday. FIIs turned sellers for the past 3 trading sessions. Markets are likely to very volatile because of US presidential elections, so it is better to not to take or carry any positional trades beyond tomorrow.
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.
