Nifty Analysis as Omicron Cases Detected in India

  • FII bought 1.8 K  contract of Index Future worth 153 cores, Net OI has increased by 1.3 K contract 1.6 K Long contract were added by FII and 234  Shorts were covered by FII. Net FII Long Short ratio at 2.76 so FII used RISE to ENTER longs and EXIT shorts.
  • As Discussed in Last Analysis  As we have expiry tommrow and Neptune being an Outer Plannet has turned Direct today so once we are above 17213 we can see rally towards 17296/17341/17400 Bears will have chance below 17135 for a move back to 17083/17001/16934. All Bullish target done above 17213,Neptune is Outer plannet will have impact of trend change also we have closed above the gann 1×1 line.Now Bulls need to move above 17424 for a move towards 17500/17575. Bears will have chance below 17345 for a move towards 17280/17214/17149.

  • MAX Pain is at 17300 PCR at 1.11.Nifty Rollover cost @ 17538 and Rollover is at 81.8  % Highest in last 6 months.
  • Nifty Dec Future Open Interest Volume is at 1.17 Cores with addition of 0.60 Lakh with increase in cost of carry suggesting LONG positions were added today.
  • There is total OI of 3.8 Cores on the Call side and 4.6 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are  in BULLISH zone.
  • The critical quality needed to make money in this kind of market, where trends will flip on no notice is: Extreme flexibility Be prepared to flip your positions and trades with market flavour.It is always the minority which wins in the markets. So, be open for possibilities.
  • The Option Table data indicates decent support at 17100 and reasonable resistance at 17600.
  • FII’s sold 909 cores and DII’s bought 1372 cores in cash segment.INR closed at 75.20
  • Fear of Omicron variant spreading will it impact market, as per my understanding of seeing diffrent market cycle “Market do not crash for same reason twice” and “Market always follow path of least resistance” let see what market do this time.
  • We have New Moon, Moon at Perigee and Full Solar Eclipse coming on 04 Dec 3 astro event coming on same day will have an explosive move in market.
  • For Positional Traders Stay long till we are holding Trend Change Level 17248 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 17337 will act as a Intraday Trend Change Level.

Buy Above 17424 Tgt 17466, 17498 and 17525 (Nifty Spot Levels)

Sell Below 17362 Tgt 17323, 17300 and 17275 (Nifty Spot Levels)

As always I wish you maximum health and trading success

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