Nifty analysis 29 November
1. Nifty is at strong support at 17000 both in VWAP and Open Interest.
2. Negative sentiment in Global markets because of Omicron. 88 cases were found mostly in Southern parts of Africa, one odd case in Germany and Hongkong. SGX Nifty flat at 17000. FII- negative. DII- positive.
3. Positive sentiment in Indian markets because of Reliance hiking Jio prices, Amazon called for irregularities in Future Group deal. Omicron is limited to a small geographical spread as of now. Nifty has already fallen about 8% from its all-time high of 18600.
4. My trading format.
2. Negative sentiment in Global markets because of Omicron. 88 cases were found mostly in Southern parts of Africa, one odd case in Germany and Hongkong. SGX Nifty flat at 17000. FII- negative. DII- positive.
3. Positive sentiment in Indian markets because of Reliance hiking Jio prices, Amazon called for irregularities in Future Group deal. Omicron is limited to a small geographical spread as of now. Nifty has already fallen about 8% from its all-time high of 18600.
4. My trading format.
- If nifty breaks 17000 with momentum, we can sell 17500 call options and 16500 put options.
- Nifty should logically take support at 17000 but won't be able to move much higher because of prevailing negative global sentiment. Market should be between 17000 and 17300 for next 2-3 days and will consolidate. I can sell 17000 put options and 17500 call options in Nifty.
- Market unlikely to go beyond 17500 on higher side.
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