Yesterday was most dramatic, volatile and V shape recovery day. NIFTY opened with a gap up of 60 points, rallied another 60 points, fell down by 240 points and then rose by 180 points. This was extreme intraday volatility. US markets closed marginally low but S&P VIX is dropped by 2% in spite of upcoming US presidential elections, European markets fell by 1.5 to 2% lower, Asian markets are trading in Red and SGX NIFTY is indicating flat opening with slight negative bias.
F&O Data Analysis (22nd Oct series): Highest OI on CALL side at 12000 & 12200; Highest OI on PUT side is at 11800 & 11700. More OI on CALL side added at 12000 & 12100 and on PUT side at 11800 & 11650. There was more CALL writing yesterday compared to PUT writing and highest OI was added at 12000. PCR gone down to 0.93 from 1.05 as a result of more CALL writing; No change in Maxpain and it is at 11900.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11775, 11660 and 11500. Resistance: 11955, 12025, 12100 and 12250. Support & Resistance levels for today: Support: 11880, 11800 and 11775; Resistance: 11955, 11985, 12025 and 12100; For Today Expiry, wild moves may be possible as Support & Resistance levels range is large. 12025 and 12100 are Key Resistance levels; 11800 and 11775 are key Support levels. CALL side strikes at 12100 & above, PUT side strikes 11600 and below depending on decent premium availability may be considered, but need to actively manage positions through adjustments in case of any big moves.
FIIs bought 2108 crores worth of shares and DIIs sold 1633 worth of shares in cash market yesterday.
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.
