The Sensex fell below 63,000, closing 416 points lower at 62,868, while the Nifty fell 116 points to 18,696, forming a bearish candle on the daily charts.
"On the daily chart, a small negative candle formed back to back in the last two sessions. This pattern indicates that the market has resumed minor profit-booking from all-time highs. The current weakness appears to be minor in comparison to the sharp increase over the last two weeks "According to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
According to the weekly chart, the Nifty formed a long positive candle with an upper shadow. The near-term uptrend is still intact, and a bounce from the lows is possible in the next one or two sessions, according to the market expert. The Nifty finds immediate support at 18,550-18,450.
The Nifty's key support and resistance levels
According to the pivot charts, the Nifty's key support is at 18,651, followed by 18,617 and 18,563. If the index continues to rise, the key resistance levels to watch are 18,760, 18,794, and then 18,848.
Call option data :-
The maximum Call open interest was at the 19,000 strike, with 33.63 lakh contracts, which can act as a critical resistance level in the December series.
This is followed by 20,000 strike, which has 24.05 lakh contracts, and 19,500 strike, which has more than 18.28 lakh contracts.
Call writing was seen at the 18,800 strike, which added 3.88 lakh contracts, followed by the 18,700 strike, which added 2.26 lakh contracts, and the 19,700 strike, which added 2.04 lakh contracts.
Call unwinding was seen at the 18,500 strike, which shed 3.33 lakh contracts, followed by the 18,300 strike, which shed 1.91 lakh contracts, and the 18,400 strike, which shed 1.27 lakh contracts.
Put option data :-
The maximum Put open interest was at 18,000 strike, with 32.94 lakh contracts, which can act as a critical support level in the December series.
This is followed by 18,500 strike, which has 29.25 lakh contracts, and 17,000 strike, which has 27.64 lakh contracts.
Put writing was seen at the 17,800 strike, which added 1.64 lakh contracts, followed by the 18,100 strike, which added 1.12 lakh contracts, and the 18,400 strike, which added 52,450 contracts.
Put unwinding was seen at the 18,500 strike, which shed 8.96 lakh contracts, followed by the 18,600 strike, which shed 3.25 lakh contracts, and the 17,500 strike, which shed 3.24 lakh contracts.
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data, and not just of the current month.
Bank Nifty :-
Bank Nifty was also under pressure, falling 157 points on December 2 to 43,104. The pivot point, which will act as a critical support, is at 42,984, followed by 42,938 and 42,864. Key resistance levels on the upside are 43,132, 43,178, and 43,254.
Data from FII and DII :-
On December 2, foreign institutional investors (FIIs) net bought shares worth Rs 214.76 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 712.34 crore, according to preliminary NSE data.
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