Another Milestone 21,000 Tested
Analysis , Educational , Weekly
At a new all time high, yet another landmark tested, 21,000 level. Volatility is anticipated.
Last Expiry – How the market traded.
NIFTY 50
Previous week another milestone 21,000 level tested. Market remained volatile and rangebound.
BANK NIFTY
Last week BANKNIFTY remained highly volatile and opened on negative note but captured all the points were lost in the beginning of the week.
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Will there be Another Milestone after a milestone, Technically?
NIFTY 50
View :
At a new all time high, yet another landmark tested, 21,000 level. Volatility is anticipated.
Price action on daily time frame looks positive avoid shorting at all cost, market remained rangebound at the top. Very Bullish.
At an unknown horizon, volatility is expected to remain.
Important Levels
- Resistance – 20,950 -21,000
- Support – 20,800 – 20,850
- No trading Zone – 20,850- 20,950
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 30th November, 2023 Expiry
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BANKNIFTY
View :
Price action is very bullish.
On daily time frame, there has been a strong buying after a dip. A bullish marubuzzo formed.
And even on a shorter time BANKNIFTY is a buy on dip.
Important Levels
- Resistance – 47,400 – 47,500
- Support – 46,500 – 46,600
- No trading – 46,500 – 46,600
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 30th November, 2023 Expiry
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What lies beyond this milestone, Will Data Support?
FII & DII Activity
Observations:
FII & DII data suggest market to remain volatile, as the market is at all time high:
- Outstanding puts is 2.3L against 2.63k calls – Confused.
- Last session FII futures activity – Decently on positive.
- FII stocks is 3.6K Cr – Does not hold relevance for intraday but swing wise positive.
- Net Future OI change = +36.1K , Looks positive.
Open Interest (OI)-
OI data suggest market to remain volatile, market at all time high and no clear direction.
Nifty OI
- Max OI Calls:: 21000 , 0.71 Cr
- Max OI Puts:: 20900, 0.61 Cr
- PCR:: 1.0
Note:: OI suggests support at 20900 , but strong Resistance at 21000.
Banknifty OI
- Max OI Calls:: 47500 , 0.25 Cr
- Max OI Puts:: 47000 , 0.36 Cr
- PCR:: 1.1
Note:: OI suggests very strong support at 47000 , but Resistance at 47500.
Please follow the link to see the detail chart analysis.
–Click Here :Data for 30th November, 2023 Expiry
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Market Sentiments
World Markets – World market traded flat to bullish.
GIFT NIFTY FUTURES – Closed around 21,093 at 01:15am 08-12-2023.
Events Upcoming
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The above analysis is solely the opinion of the author, no way an assured tips/direction to trade, they are solely for educational purposes. Please do not trade with out a proper study and analysis, we will not be responsible for your loss. We are not SEBI registered.
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