On the expiry day, wild move is anticipated and it came right at the end. Nifty started falling after 2:30 pm and continued till 3:05 pm and then stabilized. So even though it finished as a red candle, it closed higher than yesterday. Another favourable point - 32 advances and 18 declines in Nifty 50 stocks. So relax, amidst corrections, higher highs and higher lows will happen and take Nifty up, albeit at slower pace which is actually good. Let us check our usual data points.
1) FII & DII data: Like past few days, FIIs were net buyers by 1871 Crs and DIIs were net Sellers by 651 Crs, according to provisional figures given by NSE. It was expected. So nifty will march forward and DIIs will continue to book smaller profits to inch up their NAVs.
2) Option Chain data: (Expiry 7th November) On PUT side, highest total OI and highest fresh Put writing is at 11800 and figures too are not bad, so 11800 definitely looks good support for tomorrow. On CALL side, 2nd highest total OI and highest Call writing is at 11900, and the figures are almost equal to those on Put side- PUT total OI= 13.44 lakhs & CALL total OI=13.74 lakhs; PUT writing = 9.36 lakhs & CALL writing = 9.66 lakhs. The highest total OI on CALL side, of 14.05 lakhs (marginally above that at 11900), is at 12000 strike. I strongly suspect that 11900 will easily be broken tomorrow again and there is a fair chance that it closes above 11900.
3) Charts: Nifty openned gap up and finished as a red Doji candle with higher high and higher low on daily chart. So if you look closely, fourth day in a row, Nifty made higher high and higher low. A resistance is seen at 11981 and Nifty might attempt that. There are no clear cut buying levels and hence longs will have to be taken on chart movements. Though if it falls at around 11800, buying surely will emerge as shown on 15 min chart.
All the best. Happy trading.
1) FII & DII data: Like past few days, FIIs were net buyers by 1871 Crs and DIIs were net Sellers by 651 Crs, according to provisional figures given by NSE. It was expected. So nifty will march forward and DIIs will continue to book smaller profits to inch up their NAVs.
2) Option Chain data: (Expiry 7th November) On PUT side, highest total OI and highest fresh Put writing is at 11800 and figures too are not bad, so 11800 definitely looks good support for tomorrow. On CALL side, 2nd highest total OI and highest Call writing is at 11900, and the figures are almost equal to those on Put side- PUT total OI= 13.44 lakhs & CALL total OI=13.74 lakhs; PUT writing = 9.36 lakhs & CALL writing = 9.66 lakhs. The highest total OI on CALL side, of 14.05 lakhs (marginally above that at 11900), is at 12000 strike. I strongly suspect that 11900 will easily be broken tomorrow again and there is a fair chance that it closes above 11900.
3) Charts: Nifty openned gap up and finished as a red Doji candle with higher high and higher low on daily chart. So if you look closely, fourth day in a row, Nifty made higher high and higher low. A resistance is seen at 11981 and Nifty might attempt that. There are no clear cut buying levels and hence longs will have to be taken on chart movements. Though if it falls at around 11800, buying surely will emerge as shown on 15 min chart.
All the best. Happy trading.