NIFTY for 12th February

NSE:NIFTY   Nifty 50 Index
Nifty closed with 76 points at around 12,108, however, if one analyses chart we will see that Nifty’s rise till 12172 from openning price of around 12,108 was completely wiped off when it went below open price later in the day and closed at 12108, just 9 points above low of 12099! Corona virus has claimed more than 1000 lives in mainland China and number of infected people has risen above 42000 in that country. This has resulted in huge work and business related issues according to Chinese govt sources and I suspect the fallout to be more severe and damage more far reaching than is being ascertained at this stage. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content where I have talked a bit more about effect of corona virus on world and on Indian markets. As of now European markets have closed in green and Dow Jones which was 100 points up at opening is only 30 points up now at 22.30 hrs IST. Today FIIs were net sellers and DIIs were net buyers but the figures are not huge and high. Option chain data show that on PUT side, highest total OI is at 12000 but highest fresh PUT writing is at 12100. But since CMP is just 8 points above 12100, it would be prudent to take 12000 as dependable support for tomorrow. On CALL side, Highest total OI is at 12200 but fresh highest Call writing is at 12150. So I would take risk of assuming 12150 as resistance since total OI on this strike is also good (19.29 lakhs). As for buying and selling levels, those are indicated on 15 min chart.
All the best. Happy trading.

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