Morning Market Update December 28, 2023

Nifty CMP :- 21,654.75

Nifty  Put/Call Ratio (OI) is at 1.41  and IV is at 15.56  resulting in bullish sentiment

On weekly series on option front, weekly Maximum Call OI is at 22,000  then 21,800 strike while Maximum Put OI is at 21,500  then 21,200

Option data suggests a  trading range in between 19000  to 24,000 zones while an immediate trading range in between 21,000  to 23,000  zones.

As per price action set up ;

Nifty Resistance:-  ATH

Downside supports :-S1:-21,488 /S2 :21,335

Max Pain :- 21,550

Bank Nifty CMP :- 48,282.20

For  weekly series Bank Nifty, Maximum Call  OI is at 49,500 then 49,000  strike and maximum Put OI is placed at 48,000  then 47,500

Bank Nifty Put Call Ratio is at 0.97 and  Implied volatility of ATM( at the money ) is at 17.09

Data setup for Bank Nifty suggests a trading range in between 45,000  to 50000  zones while immediate trading ranges from 47,000 to 49,500

Bank Nifty Resistance :- ATH

Bank Nifty support: S1:-47,406/ S2:- 46,908

Max pain :- 48,000

INDIA VIX CMP:-  15.55

India VIX  closed up by around  6% .Volatility is observed resulting in strengthening of indices.

Looking ahead at the FII’s derivatives  activity, there is  bearish setup in index futures, Long  volatility in index options ,  Short volatility  in stock options and bullish sentiment in stock futures.

In cash market, FIIs were net buyers of  2,926.05 crores while DII’s were net sellers -192.01  crores.

FIIs Index Long Short Ratio is Longs : 63%  Shorts :- 37%

Securities in F&O  ban :-

1. NATIONALALUM
2. RBLBANK

CUES FOR TODAY :-

• GIFTNifty :-                    21,753.0(0.38%)
• Dow Jones :-                  37,656.53(0.30%)
• S&P 500 :-                        4,781.59(0.14%)
• Nasdaq :-                       16,906.80(0.17%)
• US30 (Dow futures):-   37,681.23(0.05%)

The globals spots closed positive GIFT Nifty  futures trading positive and  Dow futures in Asian  markets opened positive Hence we can expect a opening on positive basis

 Kindly Note :- This data is collected around 7am of market closing of global markets

Thank you..

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