Yesterday NIFTY took support around 12800 level and then rallied for 200 points on back of buying from FIIs buying. India VIX dropped by close to 15% and this is massive in recent days and perhaps indicating NIFTY will consolidate in coming days. US & European markets closed marginally red, Asian markets are trading mixed and mostly flat. SGX NIFTY is indicating a gap up opening by 30 to 40 points.
F&O Data Analysis (3rd Dec series): Highest OI on CALL side at 13500 & 13000; Highest OI on PUT side is at 12800 & 12900. Highest OI addition is also at same strikes. PCR is flat at 0.96. Maxpain is at 12900. Looking at F&O data as on today market participants are expecting NIFTY to close between 13500 and 12800 on 3rd Dec expiry.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 12790, 12730, 12610 and 12430. Resistance: 13150, 13250 and 13400 Support & Resistance levels for today based on Hourly charts: Support: 12985, 12920, 12870 and 12790; Resistance: 13050, 13100, 13150 and 13220;
FIIs bought just 2027 crores worth of stocks after one day pause on Wednesday, DIIs sold 3400 crores worth of stocks 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.
