Nifty Daily Update 2 Nov 2017. Market consolidates on Weekly Expiry Day

Big Picture 2 Nov 2017

A day with low volumes, narrow range and a loss of 16 points after ascending the summit is like a mountaineer taking rest after hoisting his flag at the summit and before (s)he begins the journey to conquer the next peak. Nifty closed at 10423.80, lower than yesterday but comfortably above the 10400 psychological mark.

The broad market indices were positive with Nifty 50, Nifty 100 and Nifty 200 also ending the day in red. Small caps was  the top gainer. Amongst the sectors, Pharma broke out today with a gain of 3% while PSU Banks and Auto were top losers. Sectoral indices presented a mixed picture.

The advance decline ratio was neutral at 0.96 while the 52W HiLO Score was 90.35% (versus an 13 EMA of 86.28).

Candle Stick Analysis


  • Nifty formed a Bearish Neutral Candle.
    • An small lower wick and a small upper wick and small body indicated low activity levels in the market.
    • Neutral candle consolidating after a rise.
  • Volumes were below average.
 

Trend and Momentum Analysis

  • The above chart now has key moving averages plotted as well as the RSI reading.
  • The Index is comfortably above the key moving averages
  • The RSI reading is bullish.

India Vix and Nifty Options Data

  • India Vix closed neutral  with a loss of 1.03% to close at  12.005. 
  • The Put Call Ratio for November expiry has further turned bearish at 1.38  
  • The trading Put Call Volume stood at 1.03 which indicates equal activity on both calls and puts.  
  • 10000 and 10500 are the support and resistance strike price based on OI data.
  • 10200 and 10300 witnessed short build up (mildly bullish as these are OTM puts) while 10400 saw long build up  (bearish as this is ATM Put).
  • 10400 and 10500 Call strikes  saw long unwinding (Bearish).

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Disclaimer :

This blog is for educational and awareness purpose only. The views are intended for discussion and exchange of views rather than an expert opinion. This is not an recommendation to buy or sell or invest in the stock market and derivatives market. Kindly exercise caution and perform your own due diligence before investing in the market, after fully and clearly understanding the risks involved.






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