- On Friday Nifty and Bank Nifty closed negatively.
- FII are net sellers about 1900 crs.
- FII were shorting the index futures, (it is observed more shorting in index than longs)
- They bought more puts than calls which is double the quantity, and wrote more calls than puts. which is bearish favorable at least in short term levels.
- Market likely to test the next major support zone which is at 31660 - 31600.
- identified this level is major support because of CPR confluence in weekly and monthly.
- any dip to these levels one should watch out for buying opportunity.
- after the market hours GDP data came out, there were already a speculation that it will be below 5. GDP Q on Q is at 4.5% lowest over six years.
- with this speculation market in November series made ATH. nothing but market is already priced in.
- RBI MPC decision is on 5th Dec, there is a speculation that there will be one more rate cut, ahead of MPC decision market likely to be volatile in the upcoming week.
- Bank Nifty daily CPR narrowed when compared to yesterdays CPR.
- Nifty and Bank nifty likely to open negatively on Monday.
- Bank nifty to sustain 31660 - 31600 this level before making new highs. so looking for buying opportunity at this level.
- Bank nifty monthly CPR also narrowed a bit compared to previous month, and it is observed that making higher highs, which indicates there still bullish sentiment in the long term perspective.
- Bank nifty resistance level is at 32090 which is yesterdays high. it should sustain this level before making new highs.
- In the upcoming week, bank nifty likely to trade between 32150 - 31600 levels.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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