Nifty/Banknifty - Your view 2nd November 2017

Nifty closed at 10440 up by 1% while Bank Nifty closed at 25490 up by 1.8%. What’s your view on the markets for tomorrow? Share and discuss your views.

The markets zoomed up. Yesterday’s prediction went for a toss, I did not consider the news:

  1. India jumped 30 ranks in the ease of doing business index

So now we have seen that after such a rally, and has formed a bullish maribazou. We are rising towards the promised land boys. So now the market has rallied and 10440 seems to be a strong support.

The SGX Nifty was trading marginally higher as I am writing this at 10:30 PM IST, and India Vix has gone down by 2.46. The PCR ratio at 1.35 is encouraging. The OI data from the market participants is also encouraging, since the FIIs are bullish even now.


Well taking all that into consideration, barring any unexpected news, I’d assume that tomorrow we will be in the green.

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F&O cues: Maximum Put OI at 10,000, Call OI at 10,500

On the options front, maximum Put OI was seen at strike prices 10,000 followed by 10,200 while maximum Call OI was seen at 10500 followed by 10400 strikes. Significant Put writing at 10400 strikes while fresh Call writing was seen at 10500 and 10700 strikes.

Shift in the strike of option writing suggests momentum could continue in the market. India VIX fell down by 2.43 percent at 12.13 and now VIX has to remain below 12.50-13 to continue its rally beyond 10,500 zones.