On November 10, the market saw a decline for the second consecutive day in volatile trading. But Nifty managed to stay above the crucial level of 18000. In yesterday’s trade, the market got support from Reliance Industries, ITC and HDFC. However, selling in FMCG, banks and IT stocks put pressure on the market.
The BSE Sensex closed down 80.63 points at 60,352.82 in trading on November 10. At the same time, Nifty fell 27.10 points to close at 18,017.20 level. Nifty formed a bullish candle on the daily chart yesterday. Yesterday’s closing was at higher level than the opening level.
Nagraj Shetty of HDFC Securities says that a small sized positive candle with minor upper and lower shadows formed on the daily chart in yesterday’s trade. Technically this pattern is a sign of directionlessness in the market. Now in the short term, we can see Nifty tied in a range with a weak trend. Till the Nifty does not break the downside support at the level of 17,900-17,850, there is a possibility of losing up to 18,150 in the short term. If Nifty goes below this support level, then in this we can also see the level of 17,600 in the near term.
After the rise of the last few trading sessions, there was a fall in the small-medium stocks yesterday. The Nifty Midcap 100 index had lost 0.44 per cent yesterday. At the same time, the Smallcap 100 index also fell 0.09 percent.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,934.4 and after that the second support is located at 17,851.6. If the index turns upwards, then it may face resistance at 18,080.6 then 118,144.
Nifty Bank
The first support for Nifty Bank is located at 38,857.89 and after that the second support is located at 38,692.6. If the index turns upwards, then it may face resistance at 39,204.39 then 39,385.6.
call option data
The maximum call open interest of 22.58 lakh contracts has been seen at the strike of 19000, which will act as an important resistance level in the October series. After this, the highest call open interest of 22.11 lakh contracts is being seen at 18500. At the same time, at the strike of 18000, there is a call open interest of 21.86 lakh contracts.
Call writing was seen on the strike of 18000. 3 lakh contracts were added to this strike. After that, 2.35 lakh contracts have been seen to be added even at 18400.
The maximum call unwinding was seen on the strike of 17700. This was followed by the highest call unwinding at the strike of 17000 and then 17600.
put option data
The maximum put open interest of 25.1 lakh contracts has been seen at the strike of 17500, which will act as a key resistance level in the October series. After this, the highest put open interest of 22.96 lakh contracts is being seen at 17000. At the same time, at a strike of 18000, there is a Put Open Interest of 18.75 lakh contracts.
Put writing was seen on the strike of 17400. 2.57 lakh contracts were added to this strike. After that 1.87 lakh contracts have been seen getting added even at 17500. Whereas at 17900 1.68 lakh contracts are connected.
The maximum put unwinding was seen on the strike of 18100. This was followed by the highest number of put unwinding at the strike of 18400 and then 18300.
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