NIFTY for 8th November

NSE:NIFTY   Nifty 50 Index
Expiry above 12000 frankly surprised me. I expected it to be between 11950 & 12000. As I wrote earlier, Nifty is in danger zone. 12021 to 12103 is this zone, when Nifty touched lifetime highs on 3rd &4th June. So, again, expect selling to rise.
FII& DII data: According to provisional data furnished, FIIs were Net buyers by 927 Crs and DIIs were net sellers by 635 Crs . DIIs were net sellers for 6th day in a row.
Option chain data: (expiry 14th November) Considering that week is going to start tomorrow, OI build up on PUT & CALL side is rather impressive. On PUT side highest total OI (14.66 lakhs) is on 11900 strike and highest fresh Put writing (8.98 lakhs) is on 12000. So clearly 11900 is good support for tomorrow. ON CALL side, highest total OI (13.97 lakhs) and highest Call writing (8.70 lakhs) both are at 12000 strike. 2nd highest OI and fresh Call writing is at 12100. But since CMP is at 12012, I would treat 12050 as resistance for tomorrow.
Charts: Nifty finished as a kind of spinning top with no top wick showing complete opposition from top. Like yesterday, I suspect even tomorow, DIIs will continue to sell. In the event NIfty falls it might get arrested by 2 supports shown on chart. where exactly it will stop? very difficult to tell. So I would advice to Short around 12050 for target of 11950 and buy at around 11930 to book profit at around 12000. Put SL of around 25 points.
All the best. Happy trading.
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