Nifty analysis for monday

NSE:NIFTY   Nifty 50 Index
Max pain strike is now at ITM.
PCR-1.31. High selling near ATM on both the sides, There may be very less chance of market being hugely volatile in the upcoming week.
FII have heavily sold on cash and DII cannot buy even half the value of it.
FII also have heavily sold on index future also. Looks like the FII have created shot positions on the market.
All the global market have closed red. Now the global sentiment is also negative.
Icing on top comes with the daily price action of nifty which is also negative with a huge wic on the upside.
Mostly market will be on a dilemma on Monday. Watch the support and resistance on the chart above.

I have Mentioned support just below the LTP because of the max pain area. If market opens above there may be chance that put option contracts can be closed using the chance which can make our support weaker. So stay alert on monday. Still selling on high looks to be a good idea.

Stay safe.


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