manishmgupta

Nifty Levels & Strategy for 07/Dec/2022

NSE:NIFTY   Nifty 50 Index
Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.

Nifty: Options data indicating mild bearishness ahead of RBI policy. Smart money/big players have added plenty of new bearish positions. USA market are already nervous ahead of another rate in next week. Tomorrow, we can expect a sideway move ahead of RBI policy. Post RBI policy market direction will be dependent on rate hike & commentary by RBI regarding inflation & growth outlook.

Red Flags to keep in mind for coming days:
1.RBI meeting is going on. Reserve Bank of India (RBI) is likely to go ahead with another rate hike approx. 0.35% on Dec-07
2.USA Fed meeting (next week). Another rate hike of 0.75% is likely to happen.
3.Gujrat results on Dec-08. Exit-poll results looking good for market
Is volatility likely to grow in coming days????? Please trade carefully with hedged positions (overnight)/strict SL (intraday)

Please find below scorecard, PCR update & options statistics for your reference:

NIFTY SCORECARD DATED 06/DEC/2022
NIFTY IS DOWN BY -58 POINTS
Name Price Previous Day Change % Change
Nifty 18643 18701 -58.30 -0.31%
India VIX 14.04 13.73 0.31 2.26%

OPTION STATISTICS BASED ON 08/DEC/2022 EXPIRY DATA
Max OI (Calls) 19000 (Open Interest: 10207000, CE LTP: 6.5)
Max OI (Puts) 18600 (Open Interest: 7505150, PE LTP: 39.4)
PCR 0.71 (PCR is in bearish zone)

Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Long Liquidation
Nifty Puts:
ATM: Long Buildup, OTM:Short Buildup, ITM:Short Covering, FAR OTM:Short Buildup
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