NIFTY for 29th November

The forward march continues. Both Nifty and Banknifty made new lifetime highs today. The rise in both the indices was slow and steady. That reflects strength, at least in near term. Please check my video posted on youtube under name Market Movers India for slightly more but similar content. Let’s check our usual data which in its own way show where the smart money is heading.
1) FII & DII data: Like any other day past week, FIIs were net buyers (+1009 Crs) and DIIs were net Sellers (-155 Crs) today. And like any other day too, FII net buying far outruns DII Net selling. Yesterday’s final data show that FIIs were net sellers in Equity and index futures but net buyers in stock futures. FII net buying will continue to fuel rally in indices.
2) Option Chain data: (Expiry 5th December) On PUT side, highest total OI and highest fresh Put writing is at 12000 and 2nd highest total OI and 2nd highest fresh Put writing is at 12100. So Put writers are unanimous almost in their decision that 12100 is immediate support and if that breaks 12000 is still there. So for tomorrow, 12100 can be taken as support since Nifty is on a rising path. On CALL side, Highest total OI is at 12100 but highest fresh Call writing is seen at 12200. The 2nd highest total OI is at 12200 and 2nd highest Call writing is at 12100 and 12300 ( both have almost equal figures). Call writers, thus, are divided here. In my opinion, again for a rising Nifty, 12200 is more logical resistance for tomorrow though there is no guarantee it will stop there. It can very well go past 12200!
3) Charts: On a daily chart Nifty again made a base like green candle with higher high, higher low and higher closing price. It is in blue sky zone with weak resistances. So it can go any high. On 15 min chart we have one reliable buying area where one can buy Nifty if it comes down. Buy with a small SL below the area.
All the best. Happy trading.