Nifty made a new lifetime high today, 12132 and also gave highest closing of 12037.70. And as expected after opening gap up in morning, could not sustain highs and profit booking started in second half and took it down. It made a strong red candle on daily chart. Please check my video posted on youtube under name Market Movers India for slightly more but similar content. Let’s check other data.
1) FII & DII data: As of 21:35, provisional FII & DII data is not available on NSE website. However, final data or 25th November is there and shows why there was stupendous rally in indices yesterday. FIIs were Net buyers in all three segments, Equity (979 Crs), index futures (1953 Crs) and in stock futures (143 Crs). Look at net buying figures in index futures and in equity. This fuelled the rally. I think that FIIs who were on short side during beginning of month squared up some contracts and that short covering lead to these massive figures.
2) Option chain data: On PUT side, highest total OI is at 12000 and fresh highest Put writing is seen at 12100. There is unwinding on three key strikes of 11900,11950 & 12000. I think that unwinding on all lower strikes shows that Put writers are confident that Nifty will not go below 12000. So 12000 can be taken as support for tomorrow. On CALL side, highest total OI is at 12100 and highest fresh Call writing is at 12200. So Call writers are shifting their bets up. But on 12100 too there is decent Call writing. Therefore, for tomorrow 12100 can work as good resistance.
3) Charts: Nifty opened gap up and after around 10 mins only , after making new high, started showing weakness. It then onwards went down faster. A sharp fall in second half took it below yesterday’s close. It finished as a strong red candle but with higher high and higher low. This is level where both Nifty and Banknifty are at lifetime highs and hence I expect some consolidation before it again starts going up. So selling and buying levels are given on 15 min charts. Use stop-loss since we are decisive juncture.
All the best. Happy trading.
1) FII & DII data: As of 21:35, provisional FII & DII data is not available on NSE website. However, final data or 25th November is there and shows why there was stupendous rally in indices yesterday. FIIs were Net buyers in all three segments, Equity (979 Crs), index futures (1953 Crs) and in stock futures (143 Crs). Look at net buying figures in index futures and in equity. This fuelled the rally. I think that FIIs who were on short side during beginning of month squared up some contracts and that short covering lead to these massive figures.
2) Option chain data: On PUT side, highest total OI is at 12000 and fresh highest Put writing is seen at 12100. There is unwinding on three key strikes of 11900,11950 & 12000. I think that unwinding on all lower strikes shows that Put writers are confident that Nifty will not go below 12000. So 12000 can be taken as support for tomorrow. On CALL side, highest total OI is at 12100 and highest fresh Call writing is at 12200. So Call writers are shifting their bets up. But on 12100 too there is decent Call writing. Therefore, for tomorrow 12100 can work as good resistance.
3) Charts: Nifty opened gap up and after around 10 mins only , after making new high, started showing weakness. It then onwards went down faster. A sharp fall in second half took it below yesterday’s close. It finished as a strong red candle but with higher high and higher low. This is level where both Nifty and Banknifty are at lifetime highs and hence I expect some consolidation before it again starts going up. So selling and buying levels are given on 15 min charts. Use stop-loss since we are decisive juncture.
All the best. Happy trading.
Comment:
The provisional figures for today are out. FIIs were Net buyers by 4678 Crs and DIIs were Net Sellers by 4242 Crs. Expect some sparks tomorrow also.