Yesterday markets across the world volatile due to expected outcome of US presidential elections, which did come out yesterday. However, most of the markets closed in Green yesterday. US and European markets closed very strongly. All the Asian markets trading in Green. SGX NIFTY is indicating big gap up opening by 160 points which means it will take out important Resistance level and previous swing high of 12025 level.
F&O Data Analysis (5th Nov series): Highest OI on CALL side at 12300 & 12000; Highest OI on PUT side is at 11500 & 11700. More OI added at 12300 & 12200 strikes on CALL side and at 11700 & 11900 strikes on PUT side. PCR is increased from 1.14 to 1.21 and Maxpain is up by 50 points and now at 11800. Looking at F&O data as on today market participants are expecting NIFTY to close between 12300 and 11700 today. For today Expiry, strikes 12300 and above on CALL side; 11750 and below on PUT side may be safe strikes to sell at opening. Expiry day trading on days like today where NIFTY is likely to open with huge gap up and US elections verdict may come out during the market hours is risky to trade as we may witness volatility. So, one should not trade expiry if they don’t have skills to manage their positions through adjustments and Stop Loss.
Technically speaking: Support & Resistance levels for Positional Traders based on Daily Charts: Support: 12000, 11930 and 11750. Resistance: 12160, 12250, 12300 and 12430. Support & Resistance levels for today: Support: 12025, 11970, 11930, 11835 and 11750; Resistance: 12075, 12160, 12250 and 12300;
FIIs bought small quantity of 146 crores worth of stocks and DIIs sold tiny 8 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.
