Nifty Levels & Strategy for 24/Nov/2022

Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.

NIFTY
Nifty is continuously trying to move-up & hit new lifetime high. Big players have long positions (mainly PE writing) as well as short positions (mainly CE writing). They are ready on both the sides. Gap-up is likely to be sold & vice-versa. It looks like once again we are heading for another range bound expiry.

We should continue with profit booking/option writing at higher level as well as lower level with strict SL. Option writers are really doing exceptionally well. Option buyers need to be very careful and wait patiently for breakout or breakdown opportunities. Please find below scorecard, PCR update & options statistics for your reference:

NIFTY SCORECARD DATED 23/NOV/2022
NIFTY IS UP BY 23 POINTS
Name Price Previous Day Change % Change
Nifty 18267 18244 23.05 0.13%
India VIX 14.04 13.84 0.20 1.44%

OPTION STATISTICS BASED ON 24/NOV/2022 EXPIRY DATA
Max OI (Calls) 18300 (Open Interest: 14427300, CE LTP: 24.8)
Max OI (Puts) 18000 (Open Interest: 9500950, PE LTP: 3.1)
PCR 0.76 (PCR is in bearish zone)

Nifty Calls:
ATM: Long Liquidation, OTM:Short Buildup, ITM:Long Liquidation, FAR OTM:Long Liquidation
Nifty Puts:
ATM: Short Buildup, OTM:Long Liquidation, ITM:Short Covering, FAR OTM:Long Liquidation