Nifty Bounces Back Due To Heavy Selling In Put Options




The Outlook for 14th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed a sharp recovery of 172 points due to heavy selling in Put options. The benchmark index opened 30 points gap down at 10452 approx and took the support of yesterday’s 10 DMA (10425 approx). Major Put option selling was triggered as the index traded above 10515 approx around 1 pm. Going forward, Nifty is likely to find support around the 34 DMA (10505 approx). The nearest upside target for the index is around the 5 DEMA high (10620 approx). However, if the index trades above 10650 (hourly upper-Bollinger band), it will scale up to the daily upper-Bollinger band (10730 approx). In case Nifty slips below the 10 DMA (10470 approx), the index will drop down to the daily mid – Bollinger band (10370 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed above the 5 HEMA high (10582 approx). The index is likely to find support around the 10 HMA (10500 approx). The nearest upside target for the index is around the hourly upper Bollinger band (10630 approx). However, if Nifty trades below 10470 approx, it will scale down to the hourly lower- Bollinger band (10430 approx). 





Bank Nifty Options Data


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India’s benchmark Nifty staged a remarkable recovery of 172 points intraday due to heavy selling in Put options. The benchmark index opened 30 points gap down and took the support of yesterday’s 10 DMA (10425 approx). Going forward, Nifty is likely to find support around the 34 DMA (10505 approx). The nearest upside target will be around the 5 DEMA high (10620 approx). However, if Nifty trades above (10650 approx), it will scale up to the daily upper Bollinger band (10731 approx). 

Stocks Under The Scanner
In today’s trade Eicher Motor shares rose 6.23%, Indian Oil Corporation shares rose 4.44%. Sunpharma shares dropped 4.75% in the course of the day’s trade.



The Outlook for 14th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed a sharp recovery of 172 points due to heavy selling in Put options. The benchmark index opened 30 points gap down at 10452 approx and took the support of yesterday’s 10 DMA (10425 approx). Major Put option selling was triggered as the index traded above 10515 approx around 1 pm. Going forward, Nifty is likely to find support around the 34 DMA (10505 approx). The nearest upside target for the index is around the 5 DEMA high (10620 approx). However, if the index trades above 10650 (hourly upper-Bollinger band), it will scale up to the daily upper-Bollinger band (10730 approx). In case Nifty slips below the 10 DMA (10470 approx), the index will drop down to the daily mid – Bollinger band (10370 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed above the 5 HEMA high (10582 approx). The index is likely to find support around the 10 HMA (10500 approx). The nearest upside target for the index is around the hourly upper Bollinger band (10630 approx). However, if Nifty trades below 10470 approx, it will scale down to the hourly lower- Bollinger band (10430 approx). 





Bank Nifty Options Data


 
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