Profit Booking at the Top
Analysis , Weekly
NIFTY is struggling to sustain level above 21500. Profit booking and selling observed at the top levels. Weekly chart is still in bullish zone.
Last Expiry – Profit Booking in the Market.
NIFTY 50
Profit booking at 21,500 level. Market failed to sustain above 21,500 level in the past 1(one) week.
BANK NIFTY
Last week BANKNIFTY remained highly volatile.
![Fresh Peak in the Market](https://safebull.in/wp-content/uploads/2023/11/Screenshot-2023-11-25-092019.png)
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Profit Booking in the Market, What’s Next, Technically?
NIFTY 50
View :
NIFTY is struggling to sustain level above 21500. Profit booking and selling observed at the top levels. Weekly chart is still in bullish zone.
Price action on daily time frame is recovering from last profit booking. Looks positive.
Volatility is expected.
Important Levels
- Resistance – 21,400 -21,500
- Support – 21,000 – 21,100
- No trading Zone – 21,100 -21,500
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 28th December, 2023 Expiry
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BANKNIFTY
View :
Price action is bullish, in a weekly time frame. Looks like it is pausing after consecutive rise.
On daily time frame, there has been selling from the top. Time to trade cautiously.
Important Levels
- Resistance – 48,000 – 48,200
- Support – 47,100 – 47,200
- No trading – 47,100 – 47,200
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 28th December, 2023 Expiry
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After Profit Booking, Where will Data drive the market?
FII & DII Activity
Observations:
FII & DII data suggest market to remain volatile, selling from the top.
- Outstanding puts is 3.69L against 2.7L calls – Heavier on the bear side.
- Last session FII futures activity – Mixed.
- FII stocks is -2.83K Cr – Does not hold relevance for intraday but swing wise negative.
- Net Future OI change = have risen to +84.7K , Looks positive.
![Profit Booking](https://safebull.in/wp-content/uploads/2023/12/Screenshot-2023-12-23-113344-2.png)
![Profit Booking](https://safebull.in/wp-content/uploads/2023/12/Screenshot-2023-12-23-113002-2.png)
Open Interest (OI)-
OI data suggest market to remain volatile, selling from the top observed.
Nifty OI
- Max OI Calls:: 21500 , 0.83 Cr
- Max OI Puts:: 21000, 1.03 Cr
- PCR:: 1.0
Note:: OI suggests strong support at 21000 , and a Resistance at 21500. Likely to remain volatile.
Banknifty OI
- Max OI Calls:: 48000 , 0.31 Cr
- Max OI Puts:: 46000 , 0.24 Cr
- PCR:: 0.9
Note:: OI suggests a support at 46000 , but Resistance at 48000. Likely to remain volatile
Please follow the link to see the detail chart analysis.
–Click Here :Data for 28th December, 2023 Expiry
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Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 21,435 at 01:15am 22-12-2023.
Events Upcoming
![](https://safebull.in/wp-content/uploads/2023/12/Screenshot-2023-12-24-105614.png)
Fig. Events this week
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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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