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Nifty Levels & Strategy for 25/Nov/2022 for NSE:NIFTY by manishmgupta

Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.

NIFTY

Nifty continued it’s journey in forward direction & now looking all set for making new lifetime high. Nifty started action with gap-up , mild profit booking, breakout above open price, consolidation through out the day & finally break-out above 18400. Bulls have clearly dominated the show. Volatility is quite low. US Dollar Index has corrected significantly. Brent crude is trading around $85 which is quite good for India. All factors are positive. We have seen significantly rally from lower levels. Is it really a bear market rally?????

New longs in ATM/OTM/ ITM calls & Put writing in all types is clearly indicating strength towards long side. Today option buyers who waited patiently for breakout or breakdown opportunity were rewarded. Retail traders need wait patiently for good quality setup & simply replicate profit making trades again & again. Retail traders should continue to trade with caution near new lifetime high, buy on dips with hedge & book limited profit at higher level or loss at lower level. Please find below scorecard, PCR update & options statistics for your reference:

NIFTY SCORECARD DATED 24/NOV/2022

NIFTY IS UP BY 217 POINTS

Name Price Previous Day Change % Change

Nifty 18484 18267 216.85 1.19%

India VIX 13.48 14.04 -0.56 -4.02%

OPTION STATISTICS BASED ON 01 /DEC/2022 EXPIRY DATA

Max OI (Calls) 18300 (Open Interest: 3969050, CE LTP: 272)

Max OI (Puts) 18300 (Open Interest: 6962750, PE LTP: 32.75)

PCR 1.28 ( PCR is in buying Zone)

Nifty Calls:

ATM: Long Buildup, OTM:Long Buildup, ITM:Long Buildup, FAR OTM:Short Buildup

Nifty Puts:

ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup

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