An all time high close for the Muhurat session !!

Wishing you all a very Happy & Joyful Diwali !!! Let Lights of Prosperity bring Success, Happiness, Health and Wealth !!!

Nifty had a great start in yesterday's session and continued the run non-stop to close just a shade below the all time high close of 6288 level.

6200 and 6300 puts saw huge accumulation in OI of more than 10 lakhs and there were unwinding seen in most of the near strike calls indicating bullishness for the short term. PCR increased to 1.10, though not skewed much is still supporting bulls.

With the festive mood set for the markets, it is likely that markets will also be on fire to go for an all time high close in the 1 hour Muhurat session. The extrapolated resistance level for the market is at 6365 which would act as a strong reversal point in the near term.

Resistance levels : 6288, 6338, 6365

Support levels : 6260, 6244, 6225

-Happy Trading

www.tripleint.com

Bullish move continues towards 6200 levels...

Nifty closed on a strong note above the key resistance level of 6150 levels yesterday.

Pattern-wise it has made a strong bullish pattern and now it is likely for markets to test 6244 levels before any next move.

Options data saw an increase of 11 lakh contracts in 6200 puts and unwinding in 6100 calls indicating an up move. The PCR is back to 1.03.

Resistance levels : 6176, 6208, 6244

Support levels : 6151, 6133, 6106

-Happy Trading

www.tripleint.com

A bullish move after the tight consolidation around 6100 levels...

Markets consolidated yesterday after swinging in a tight range for the day and closed at 6119 levels.

The PCR ratio is at 1.13 and is starting to favour bulls to some extent. All the near strike calls and puts added in open interest and is not pointing to favouring either side as of now.

The implied volatility is also neutral and is ruling around 20 levels.

The pattern is pointing to bullishness after the strong up move from the low levels of 5937 levels and a consolidation around 6100 levels.

Resistance levels : 6133, 6151, 6176

Support levels : 6106, 6085, 6066

-Happy Trading

www.tripleint.com

A consolidation after the strong bullish move...

Markets saw a strong bounce yesterday and regained whatever was lost in the expiry week and closed for the day above 6100 levels.

PCR is at 1.05 which is neutral and there were large increase in 6100 puts and unwinding in 6100 calls.

It is likely that markets will consolidate around 6100 levels.

Resistance levels : 6133, 6151

Support levels : 6106, 6085

-Happy Trading

www.tripleint.com

Beginning of series saw bulls bounce back from lower levels...

On friday, when the new series began, bears pushed the markets further to test the last support level for the day at 5937 and then bulls staged a strong come back to test the first resistance level of 6032 and close above 6000 levels.

Overall it has set a bullish tone to begin the series and markets have opened on a strong note and is currently testing the 20 DMA at 6094.

Market is likely to consolidate around this level before making another strong directional move. PCR is at 0.97 and it might be too early to read the open interest outstanding in puts and calls.

Resistance levels : 6050, 6072, 6094

Support levels : 5995, 5954, 5937

-Happy Trading

www.tripleint.com