The BSE Sensex fell 34 points to 62,835, while the Nifty50 rose 5 points to 18,701 and formed a Doji-like candle on the daily charts, indicating indecision among bulls and bears about the market's future trend.
According to the daily chart, Nifty maintained the immediate support of the 10-day EMA (exponential moving average - 18,591) as well as trendline support as per the concept of polarity change.
"The minor downward correction in the Nifty is nearly complete, and the market is poised to rebound from the lows in the near term. We anticipate that the levels of 18,550-18,600 will act as a support for the market as it rises from its lows "According to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
The Nifty's key support and resistance levels
The pivot charts show that the key support level for the Nifty is at 18,621, followed by 18,589 and 18,536. The key resistance levels to watch for if the index rises are 18,726 followed by 18,758 and 18,811.
CALL OPTION DATA
The maximum Call open interest was 34.41 lakh contracts at the 19,000 strike, which can act as a critical resistance level in the December series.
This is followed by the 20,000 strike, which has 24.81 lakh contracts, and the 19,500 strike, which has over 18.4 lakh contracts.
The 18,700 strike added 2.23 lakh contracts, followed by the 19,100 strike, which added 1.63 lakh contracts, and the 19,300 strike, which added 1.13 lakh contracts.
The 18,800 strike shed 96,450 contracts, followed by the 19,400 strike, which shed 36,800 contracts, and the 18,500 strike, which shed 27,050 contracts.
PUT OPTION DATA
We've seen a maximum Put open interest at 18,000 strike, with 32.83 lakh contracts, which can serve as a critical support level in the December series.
This is followed by 17,000 strike, with 26.52 lakh contracts, and 18,500 strike, with 25.36 lakh contracts.
The 18,700 strike added 1.53 lakh contracts, followed by the 17,500 strike, which added 1.17 lakh contracts, and the 18,100 strike, which added 67,950 contracts.
The 18,500 strike shed 3.89 lakh contracts, followed by the 17,000 strike, which shed 1.11 lakh contracts, and the 18,400 strike, which shed 64,900 contracts.
(Please keep in mind that the open interest (OI) and volume data for stocks in this article are three-month averages, not just the current month.)
Bank nifty
The Nifty Bank outperformed the broader markets, rising 229 points to 43,333 on December 5, and forming a Doji-like candlestick pattern on the daily charts. The pivot point, which will serve as critical support for the index, is set at 43,082, followed by 42,991 and 42,843 levels. On the upside, key resistance levels are 43,378 followed by 43,469 and 43,617.
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