Continuous fourth day of rise for Nifty
but it made a base-like candle and not a strong bullish
candles like it made in last 3 days. Corona virus outbreak has ensured that oil
is near $55/barrel and Chinese government has announced that it will pump $174 billion in Chinese stock markets. That has stemmed the fall in Chinese markets, in Asian markets and hence in world markets. All the European markets are trading in green and DJIA is 48 points up. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. FIIs were net sellers by 560 Crs
and DIIs were net buyers by 304 Crs
. FIIs were net buyers in index futures
) and stock futures
). So they sold in Equity but bought in futures
. It means that fear has subsided a bit. Option chains shows that there is good support at 12000 since it has highest total OI and 2nd highest fresh Put writing on PUT side. 12200 is clear cut resistance since it has highest total OI and fresh Call writing on CALL side. On 15 min chart, one can see that Nifty
today approached 12160 repeatedly but could not clear it. That level will pose some resistance now, though the selling can be done only at 12200. So tomorrow I expect trading from both ends. One can sell Nifty
at 12200 and buy near 12000. Actual levels are indicated on 15 min chart.
All the best. Happy trading.