NIFTY for 12th September

NSE:NIFTY   Nifty 50 Index
Nifty openned Gap-up and kept defending initial low- low made during first 5 mins- till the end. So SL was triggered in the initial few minutes if somebody took trade in Nifty on Short side. Not that it went very high which showed that resistance from top was equally strong, because difference between today's high and low is only around 44 points. In the end it finished as a small Doji candle but with higher high and higher low. Autos fired today taking Nifty Auto index up by 3.6% and I believe that took Nifty up since a lot of them are part of Nifty 50. This could be in anticipation of some good news/ announcement by FM . Let us see what other data say.
1) FII & DII data: As per provisional data, FIIs today were Net buyers by 267 Crs ( Surprise!) And DIIs, as usual were also Net Buyers by 1132 Crs . In absolute figures, FII sale figure was 5139 Crs whereas DII Buy figure was 4445 Crs . FII sale figure was around 690 Crs more.This is just to let the readers know that FIIs are buying selectively and selling still heavily.
2) Option Chain data: On PUT side, there is minor unwinding at the strike of 10900 and good OI addition (writing) on the higher strike of 11000, which suggests that Put writers have pushed up the support from 10900 to 11000 now. Highest total OI (23.92 lks) and fresh highest Put writing (10.52 lks) both are at 11000 strike. On CALL side, there is unwinding on strike 11000 and above it. Total highest OI ( 20.21 lks) is at 11200 strike and highest Call writing ( 6.44 lks) is at 11050 strike. At strike of 11100 total OI is 18.05 lakhs and Call writing is seen at 5.91 lakhs. So it has a balance of decent OI and decent OI addition which means 11100 looks credible resistance to me.
3) Chart: As written above, Nifty finished as a small doji candle with HH and HL and is above 20 DEMA line (10990). This will provide crucial support if Nifty fall below 11000. Needless to say, it also becomes good buying point provided Nifty bounces back from 10990 in the event of fall. The RR is good here. As for Shorting, area between 10990 and 11147 gives good shorting opportunity but it is a big area so one should take trades cautiously.
All the best. Happy trading.
Comment: on PUT side, at 10900 strike, we have highest total OI 28.89 lakhs and at 11000 we have 2nd highest OI of 23.92 lakhs. By mistake I wrote Highest OI at 11000 strike.
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