Nifty was rangebound today. Save for the first 15 minutes, throughout the day, it remained below 11925 and above 11865, a range of around 60 points at max. Let us see what other data was.
1) FII & DII data : FIIs were Net Sellers by 270 Crs and DIIs were net Buyers by 309 Crs. Both the amounts are too small for any conclusion to be reached.
2) Option Chain data: On PUT side highest total OI (18.21 lakhs) is still at 11800 and highest fresh Put writing (2.39 lakhs) is also at 11800 but writing is not impressive. The 2nd highest total OI is at 11900 but writing here is 3rd highest and low. All in all, not a very confidence inspiring Put buildup. Contrast this with build-up on CALL side. Highest total OI (25.91 lakhs) is still on 12000 strike and highest fresh Call writing (5.41 lakhs) is on 11950.In fact Call writing on 11900 is 5.24 lakhs. Total OI on 11950 and 11900 is 12.10 and 17.71 lakhs respectively. I will say impressive. What comes across this data is that Call writers are shifting their bets lower and now a lot of them think that 11900 can also be good resistance. For tomorrow, so the bracket would be between 11800 -11950.
3) Charts: Nifty finished as red base-like candle with lower low, lower high and lower closing price as compared to yesterday’s candle. Bias is downwards. There are buying and selling areas marked on chart.
All the best. Happy trading.
1) FII & DII data : FIIs were Net Sellers by 270 Crs and DIIs were net Buyers by 309 Crs. Both the amounts are too small for any conclusion to be reached.
2) Option Chain data: On PUT side highest total OI (18.21 lakhs) is still at 11800 and highest fresh Put writing (2.39 lakhs) is also at 11800 but writing is not impressive. The 2nd highest total OI is at 11900 but writing here is 3rd highest and low. All in all, not a very confidence inspiring Put buildup. Contrast this with build-up on CALL side. Highest total OI (25.91 lakhs) is still on 12000 strike and highest fresh Call writing (5.41 lakhs) is on 11950.In fact Call writing on 11900 is 5.24 lakhs. Total OI on 11950 and 11900 is 12.10 and 17.71 lakhs respectively. I will say impressive. What comes across this data is that Call writers are shifting their bets lower and now a lot of them think that 11900 can also be good resistance. For tomorrow, so the bracket would be between 11800 -11950.
3) Charts: Nifty finished as red base-like candle with lower low, lower high and lower closing price as compared to yesterday’s candle. Bias is downwards. There are buying and selling areas marked on chart.
All the best. Happy trading.