NIFTY TREND LINE LEVEL

Nifty

The market continued to consolidate its gains for the third consecutive week and closed on a flat note due to lack of strong global and domestic cues.

The BSE Sensex though touched a record high of 40816.38 during the week that ended on 22/11/2019

       Nifty failed to hold on to the psychological 12000 level, and rose 18.95 points to end at 11914.40. It a Doji candlestick pattern for the third consecutive week, indicating indecisiveness amongst market participants regarding the direction.


"The chart pattern suggests that if Nifty crosses and sustains above 12035/12050 level, it would witness fresh buying action that would lead the index towards 12090/12180 levels, while if index breaks below 11790 level it would witness selling which would take the index towards 11700/11630


The broader markets also remained lacklustre during the week, as the BSE Midcap index was down 0.23 percent while Smallcap index gained 0.2 percent.


support and resistance level for Nifty

According to the charts, the key support level for Nifty is placed at 11,875.9, followed by 11,837.4. If the index continues moving up, key resistance levels to watch out for are 11955 and 12010

Nifty Bank


The Nifty Bank closed 0.76 percent lower at 31,111.60 on November 22. The important pivot level, which will act as crucial support for the index, is placed at 30980, followed by 30850. On the upside, key resistance levels are placed at 31350 and 31505


Call options data


Maximum call open interest (OI) of 48.72 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the November series.

This is followed by 11900 strike price, which holds 25.33 lakh contracts in open interest, and 12100 which has accumulated 25.24 lakh contracts in open interest.

Significant call writing was seen at the 11900 strike price, which added 11.89 lakh contracts, followed by 12000 strike price that added 10.80 lakh contracts and 12100 strike that added 5.45 lakh contracts.

Call unwinding was witnessed at 12200 strike price, which shed 1.68 lakh contracts, followed by 11700 which shed 0.38 lakh contracts.

Put options data


Maximum put open interest of 29.79 lakh contracts was seen at 11500 strike price, which will act as crucial support in November series.

This is followed by 11900 strike price, which holds 28.16 lakh contracts in open interest, and 11800 strike price that accumulated 25.03 lakh contracts in open interest.

Put writing was seen at the 11500 strike price, which added nearly 1.64 lakh contracts, followed by 12400 strike that added 3975 contracts.

Put unwinding was seen at 11700 strike price, which shed 7.13 lakh contracts, followed by 12000 strike that shed 3.9 contracts and 11600 strike that shed 3.04 lakh contracts.





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