Nifty EOD Analysis for 01 Nov

  • As discussed in last analysis; We are approaching the zone of resistance at 11900-11920, if unable to cross that level, we can expect a pullback. Bulls need to hold the 11784-11800 range for an upmove towards 11890/11937. Bears will get active below 11780 for a move back to 11710/11666. We showed a small pullback from the 11920 range, and now bulls need to move above 11890 for a move back to 11944/11982. Bears will become active below 11840 for a move back to 11777/11721. 31 Oct was a Mercury Ingress so highs and lows of 31 Oct are very important with a break of 11945 on the upside and a break below 11855 that can lead to a 100-150 point move in Nifty.

  • Total Future & Option trading volume at 26 Lakh cores, with total contracts traded at 1.55 lakh, PCR @0.90
  • Nifty Nov Future Open Interest Volume is at 1.43 Lakh cores, with the addition of 58 Lakh, and with a decrease in the cost of carry suggesting long positions were closed today, NF Rollover cost is @11814 and closed above it. 
  • FII’s bought 1870 cores and DII’s sold 650 cores in the cash segment. INR closed at 71.08

Buy Above 11892 Tgt 11920,11945 and 11976 (Nifty Spot Levels)

Sell Below 11840 Tgt 11810,11790 and 11777 (Nifty Spot Levels)