What do we do when Nifty highs and lows are exactly same (on Dly chart) but open and close are different on 2 consecutive days ? Yesterday's and today's high is at 11398.15. Yesterday's low is at 11301.25 and today's low is at 11302.8. Does it mean that Buyers (or PUT writers) are confident about their support price at around 11301 and Sellers (or Call writers) are confident about their resistance price at 11398? Let us find out via option chain since prices are very near to strikes so that can give pretty good picture.
On PUT side highest total OI (of 39.60 lakhs) is at the strike 11300 and fresh put writing thereon is 1.49 lakhs (ONLY!). Highest fresh PUT writing (2.92 lakhs) is, however, at 11200 with total OI at 24.95 lakhs. So Put writers are actually split between 11200 & 11300, which means what I wrote yesterday- 11300 is a weak support. On CALL side, total OI at strikes of 11400 and 11500 are 34.72 lakhs and 35.04 lakhs (almost same) with fresh Call writing of 5.29 lakhs and 3.20 lakhs respectively. However, the highest Fresh Call writing (6.91 lakhs) is at 11350! which means Call writers have upped their ante from 11400 (yesterday's highest fresh Call writing strike) to 11350. They are more confident than PUT writers. The total PUT writing on 11300, 11250 and 11200 is equal to 6.60 lakhs which is less than 6.91 lakhs, PUT writing alone on 11350. Again the conclusion is same-11400, and now 11350 too, are strong resistances. So do not attempt to buy at 11300, it may collapse easily.
FII & DII Buy/Sell figures too are interesting. Provisional data shows FIIs/ FPIs NET SELLING at 2608 Crs and DIIs NET BUYING at 2625 Crs (almost equal). Final FII/ FPI data shows Net - Selling in Equity at 1931 Crs, Selling in Index futures at 1086 Crs and Buying in Stock futures at 718 Crs. So they are not yet done Selling. But even being completely pessimistic, FIIs are doing some small value buying. On chart too signals are same as yesterday.
Levels- Sell at around 11380; SL at 11415 and target 11310 (just above low)
On PUT side highest total OI (of 39.60 lakhs) is at the strike 11300 and fresh put writing thereon is 1.49 lakhs (ONLY!). Highest fresh PUT writing (2.92 lakhs) is, however, at 11200 with total OI at 24.95 lakhs. So Put writers are actually split between 11200 & 11300, which means what I wrote yesterday- 11300 is a weak support. On CALL side, total OI at strikes of 11400 and 11500 are 34.72 lakhs and 35.04 lakhs (almost same) with fresh Call writing of 5.29 lakhs and 3.20 lakhs respectively. However, the highest Fresh Call writing (6.91 lakhs) is at 11350! which means Call writers have upped their ante from 11400 (yesterday's highest fresh Call writing strike) to 11350. They are more confident than PUT writers. The total PUT writing on 11300, 11250 and 11200 is equal to 6.60 lakhs which is less than 6.91 lakhs, PUT writing alone on 11350. Again the conclusion is same-11400, and now 11350 too, are strong resistances. So do not attempt to buy at 11300, it may collapse easily.
FII & DII Buy/Sell figures too are interesting. Provisional data shows FIIs/ FPIs NET SELLING at 2608 Crs and DIIs NET BUYING at 2625 Crs (almost equal). Final FII/ FPI data shows Net - Selling in Equity at 1931 Crs, Selling in Index futures at 1086 Crs and Buying in Stock futures at 718 Crs. So they are not yet done Selling. But even being completely pessimistic, FIIs are doing some small value buying. On chart too signals are same as yesterday.
Levels- Sell at around 11380; SL at 11415 and target 11310 (just above low)