Nifty Live Intraday Updates for 07-12-23 !

🐂 Market Outlook


📈 NIFTY continues its upward trend, while Banknifty indicates signs of profit booking.


📊 Chart Analysis:
NIFTY exhibits a hanging man, while BANKNIFTY shows a bearish engulfing, suggesting a potential pause or dip.

📈 Open Interest:
Option chain remains neutral with support at 20900 and resistance at 21000.

🔄 PCR (Put-Call Ratio):
PCR at 0.8 indicates a neutral sentiment.

💹 FII Option Activity:
Net positive as 2L calls and 1.7L puts bought.

📉 FII Futures Data:
Bullish trend with a 2000 Crores buy; Overall OI turned positive at 23K qty.

💼 FII Stock Data:
Minor 80 Cr sell, indicating a relatively small impact.




Nifty important levels to watch are as follows

#Support: 20850

Sell below: 20850 only on 15 minute candle closure below the level.
Target 1: 20785
Target 2: 20665



#Resistance: 20970

Buy Above: 20970 only on 15 minute candle closure Above the level.
Target 1: 21040
Target 2: 21150




=> # Remember each level will act as a support and resistance individually so there is a probability of reversal and a pullback on either side so its better to make an habit to book profits at each targets and re-enter again after a breakout from the same with a proper stoploss as per your own risk appetite.

=> # Please do your own research before initiating any trade. Always use stoploss in order to protect your capital.


=> # Please refer our Indicators published on tradingview if you find it useful give it a like.

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#Disclaimer: This is just a view and published here only for educational purpose, this should not be considered as a buy or sell signal. Trading in stock market may involve financial risk therefore, do your own research before taking any position.

Comment:

Support taken exactly at given level 20850.

for short entries wait for breakdown below 20850.