Nifty Live Intraday Updates for 07-12-23 !

NSE:NIFTY   Nifty 50 Index

🐂 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.

Support taken exactly at given level 20850.

for short entries wait for breakdown below 20850.

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Disclaimer: All the Views are purely for educational purpose.