NIFTY for 15th November
Hope traders made some profit by shorting Nifty today. As expected, Nifty finished as a Doji kind of candle with lower low and lower high. Expiry in a way was lackluster but that is exactly what is happening since last few weeks. Fireworks are seen on wednesday and friday and Thursday activity is a bit muted. So tomorrow, there is a possibility of big moves. Only, there isn't much indication. Let's affirm using our usual data points.
1) FII & DII data: There is a change here. Since last 9/10 trading sessions, FIIs were consistant Net Buyers and DIIs were consistant Net Sellers. Today's provisional figures show that FIIs were Net Sellers by 562 Crs and DIIs were Net Buyers by around 83 Crs. What is surprising is not DII buying because 83 is small figure but FII Selling worth 562 Crs is not. But again, today was expiry. So let's wait for tomorrow's figures before assuming that FIIs have too turned sellers. Just for guidance, last wednesday's final figures show that FIIs were net buyers in Equity but net sellers in index and stock futures. As of now let's not read too much into these figures.
2) Option chain data: (expiry 21st November) On PUT side, highest total OI and highest fresh put writing is at 11800. The 2nd highest total OI and fresh Put writing is seen at 11850. So as of tomorrow, Put writers do think that nifty might not go below 11800. We too thereofre will treat 11800 as support for tomorrow's session. On CALL side, highest total OI and highest fresh Call writing is at 11900.The 2nd highest total OI is at 12000 but 2nd highest fresh Call writing is at 11950. Since tomorrow is friday, due to above explained reasons, let's take 11950 as workable resistance. So our bracket on the basis of OC data is 11800-11950 for tomorrow. Let's try to confirm it using charts.
3) Charts: Nifty finished as a doji candle with LH & LL. Next support on Dly chart is at 20 DEMA, 11764. On 15 min chart, we see that Nifty made a low of 11802 and went up! That's why put writers have their confidence at 11800 strike. The high made today was 11895. So if today's move continues on higher side, Selling area according to chart is marked. The higher limit is 11947, which coincides with our option chain resistance of 11950. So tomorrow, one can buy at around 11800 with SL of 30 points and target of around 75 points. If Nifty goes higher, then Sell at Selling area marked with same SL and target figures.
All the best. Happy trading.
1) FII & DII data: There is a change here. Since last 9/10 trading sessions, FIIs were consistant Net Buyers and DIIs were consistant Net Sellers. Today's provisional figures show that FIIs were Net Sellers by 562 Crs and DIIs were Net Buyers by around 83 Crs. What is surprising is not DII buying because 83 is small figure but FII Selling worth 562 Crs is not. But again, today was expiry. So let's wait for tomorrow's figures before assuming that FIIs have too turned sellers. Just for guidance, last wednesday's final figures show that FIIs were net buyers in Equity but net sellers in index and stock futures. As of now let's not read too much into these figures.
2) Option chain data: (expiry 21st November) On PUT side, highest total OI and highest fresh put writing is at 11800. The 2nd highest total OI and fresh Put writing is seen at 11850. So as of tomorrow, Put writers do think that nifty might not go below 11800. We too thereofre will treat 11800 as support for tomorrow's session. On CALL side, highest total OI and highest fresh Call writing is at 11900.The 2nd highest total OI is at 12000 but 2nd highest fresh Call writing is at 11950. Since tomorrow is friday, due to above explained reasons, let's take 11950 as workable resistance. So our bracket on the basis of OC data is 11800-11950 for tomorrow. Let's try to confirm it using charts.
3) Charts: Nifty finished as a doji candle with LH & LL. Next support on Dly chart is at 20 DEMA, 11764. On 15 min chart, we see that Nifty made a low of 11802 and went up! That's why put writers have their confidence at 11800 strike. The high made today was 11895. So if today's move continues on higher side, Selling area according to chart is marked. The higher limit is 11947, which coincides with our option chain resistance of 11950. So tomorrow, one can buy at around 11800 with SL of 30 points and target of around 75 points. If Nifty goes higher, then Sell at Selling area marked with same SL and target figures.
All the best. Happy trading.
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