Counting of votes for US presidential elections started and Joe Biden is leading the race marginally now. Today markets will react based on the news flow from US election results outcome. By the way both US and European markets closed strongly yesterday with 2% higher. Asian markets are trading marginally in green and SGX NIFTY is fluctuating a lot and now showing gap up opening by 20 to 30 points. US futures markets are very volatile as expected.
F&O Data Analysis (5th Nov series): Highest OI on CALL side at 12000 & 11800; Highest OI on PUT side is at 11500 & 11600. More OI added at 12100 & 12000 strikes on CALL side and at 11800 & 11700 strikes on PUT side. PCR is increased from 0.97 to 1.14 and Maxpain is up by 50 points and now at 11750. This is because NIFTY was bullish through out the day and there was unwinding of some CALLs and more PUT writing. Looking at F&O data as on today market participants are expecting NIFTY to close between 12100 and 11500 by tomorrow, but US election verdict may push both these levels as it is major global event.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 11750, 11585 and 11535. Resistance: 11855, 11975 and 12025. Support & Resistance levels for today: Support: 11805, 11750, 11660 and 11585; Resistance: 11855, 11930, 11975 and 12025;
FIIs bought huge quantity of 2274 crores worth of stocks and DIIs sold 1101 crores worth of stocks in cash market yesterday. Markets are likely to very volatile because of US presidential election results today, so better to stay away from today or stay with extreme cautious note. I have closed all my positional trades in profit yesterday and currently not holding any open positions as of now.
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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.
