NIFTY witnessed sharp selling yesterday mainly due weak Global cues. NIFTY has been very volatile, in the last 3 days Monday it was down by 200 points, Tuesday up by 150 points and then Yesterday down by 200 points. BANKNIFTY was very strong on Tuesday turned vey weak yesterday. Global markets closed very weak across the world yesterday. US and European markets down by 3.5%, Asian markets are down by 0.5 to 1% and SGX NIFTY indicating gap down opening by around 70 points.
F&O Data Analysis (29th Oct series): Highest OI on CALL side at 12000 & 11800; Highest OI on PUT side is at 11500 & 11700. More CALLs written yesterday compared to PUTs and PUT writers pushed their positions further down. More OI is added at 11800 and 12000 strikes on CALL side. Very little OI added on PUT side at 11450 stike. As a result of this PCR down to 0.92 from 1.16; Maxpain is down by 50 points and now at 11750. Today expiry might be difficult in current conditions as NIFTY is heading for gap down opening and might be volatile during the day; Premiums are going to be attractive; I think we can get decent premiums after 2 pm as well. 11900, 11950 and 12000 CALL strikes may be safe bets during opening. It’s difficult to take a call on PUT side as there is no strong support zone if NIFTY breaks below 11600 – 11620 range technically. If good premiums are available then probably 11000 / 150 / 200 may be considered.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11620, 11500 and 11430. Resistance: 11730, 11900, 11975 and 12025. Support & Resistance levels for today: Support: 11660, 11615, 11500 and 11430; Resistance: 11730, 11815 and 11900;
FIIs sold 1131 crores worth of shares and DIIs bought 1.48 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.
