Weekly Derivative Wrap Up:
Markets registered strong gains in the week ended Friday, 20 November 2015, aided by sharp gains on Thursday, 19 November 2015, on the back of strong show by global equity markets on that day. The markets fell sharply on Wednesday, as global security scares surfaced in the wake of last week’s terrorist attack in Paris. The Sensex crossed the psychological 26,000 level during the last trading session of the week but could not hold to that level. The Sensex, and Nifty rose in four out of five trading sessions while they declined in the remaining one trading session in the week.
The Sensex rose 257.96 points or 1% to settle at 25,868.49. The Nifty rose 94.30 points or 1.21% to settle at 7,856.55. The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month November 2015 series to December 2015 series. The near month November 2015 derivatives contracts expire on Thursday, 26 November 2015.
On The F&O Front : -Weekly data shows in the past trading sessions, we have seen strong Call writing in 8100/8000/7900 strikes & major Put build up at 7800/7700/7600 strike indicating a negative bias for market, in the near term.
On Technical Front: – On Nifty weekly chart strong support is seen at 7850. If it breaks with high volume, more bearishness is expected.
Nifty Intraday Tips Tomorrow
Sell Nifty Future below 7825 Target 7775, 7725 Stop Loss 7925.