Yesterday NIFTY did not fall much in spite of very weak global cues. One reason is, part of the fall was already done on Wednesday when European markets and US futures were down. Very importantly NIFTY did not broke 11600 to 11620 range, which is important Support level. Yesterday US markets closed positively after heavy knock on Wednesday but this positive close in difficult to sustain and more over US has major event of Presidential elections on 3rd Nov, so US markets will be volatile till the election results comes out. European markets closed flat. Asian markets are trading in red down by around 0.5%. SGX NIFTY indicating is indicating flat to marginally negative opening.
F&O Data Analysis (5th Nov series): Highest OI on CALL side at 12000 & 11900; Highest OI on PUT side is at 11600 & 11500. More OI added at 11700 & 12000 strikes on CALL side and at 11600 strike on PUT side. PCR is at 0.92 and Maxpain is down by 50 points and now at 11700. Looking at F&O data as on today market participants are expecting NIFTY to close between 12000 and 11500 by 5th Nov.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11600, 11500, 11430 and 11300. Resistance: 11745, 11890, 11975 and 12025. Support & Resistance levels for today: Support: 11600 and 11500; Resistance: 11696, 11745, 11815 and 11900;
Both FIIs and DIIs sold 421 and 253 crores worth of shares respectively 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.
