Yesterday NIFTY fell down sharply by 230 points and then later recovered about 55 points towards closing of the day. VIX shot up by 7% at one stage. NIFTY broke couple of Support levels and closed around 11775 which is important support level. US markets fell by 2% and S&P VIX shot up by 18% ahead of US presidential elections on 3rd Nov. European markets also closed weak. German index DAX fell down by 3.71%. Asian markets are trading marginally low and SGX NIFTY indicating about 30 points gap up opening.
F&O Data Analysis (29th Oct series): Highest OI on CALL side at 12000 & 11900; Highest OI on PUT side is at 11500 & 11700. More OI added on CALL side at 11900 & 12000 and on PUT side at 11700 & 11400. Clearly there was more CALL writing yesterday compared PUTs and CALLs were rolled down and PUTs were unwinded and pushed further down. As a result of all this PCR from 1.11 to 0.85; Surprisingly no change in Maxpain and it is at 11800. By looking at current F&O data Option writers are expecting NIFTY to close between 12100 and 11400 on 29th Oct.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11715, 11660 and 11500. Resistance: 11900, 11975, 12025, 12100 and 12250. Support & Resistance levels for today: Support: 11775, 11715 and 11665; Resistance: 11825, 11875 and 11900;
FIIs turned sellers and sol 119 crores worth of shares and DIIs continued their selling by 979 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.
