Nifty opened Gap-up due to strong global cues and kept on going up, increasing by around 1% and closed just below 12250 on Friday with 42 advances and 8 declines. So it was impressive and convincing march after 2 days of fall. Very few must have expected such massive rise. Both FIIs and DIIs were net buyers albeit in small numbers. Option chain shows very strong OI on PUT side and very good Put writing on 12100, 12150 and 12200. The highest total OI (27 lakhs) and highest fresh Put writing (18.95 lakhs) on PUT side is at 12200, so it looks as a strong support for tomorrow. On CALL side, there isn’t impressive Call writing. Highest total OI (16.48 lakhs) and highest fresh Call writing (3.91 lakhs) is at 12300. Look at difference between highest Put writing and highest Call writing! So we can take 12300 as a weak resistance for tomorrow. On Daily chart, Nifty executed a strong green candle with higher high and higher low. Take a look at weekly chart also where Nifty is almost hitting upper trend line. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. So based on this data, it is very difficult to predict or ascertain how market might move on Monday. Global cues are still strong. Only problem for us is oil which now is quoting at $66.87/bbl. Due to rise on Friday 2 buying areas were created which I have marked on 15 min chart where one can buy with small SL.
All the best. Happy trading.
All the best. Happy trading.