Nifty OI Data – Support & Resistance for 2nd Nov

To cross and sustain above 12000 levels, Nifty fails for two consecutive time in October series. As call writers at 12000 levels was seen carrying a huge number of OI contracts. We expect in the month of November Series, Nifty to cross 12k and create a new 52-weeks high by end of this month. Note, Nifty index will be highly volatile ahead of US election poll.

As per the data, call writers seems highest @12000 levels once again in November series, OI contracts stands 2152500, follow by at 11900 OI contracts stands 1529250, at 11800 OI contract holds 1436325, @11700 OI contract stands 1678050. This means there are traders who think Nifty would fall keeping US election on eye.

There is a less put options writers on nifty. At 11600 OI contract stands about 1537500 and at 11500 OI contract stands about 1487625. These indicates there is a huge short position rather than long. All shorts will get covered once Nifty breaches 11800.

Nifty strong Support levels is 11600, following by 11500 and Resistance Levels is 11800, 11900, 12000. If nifty breach 12000 levels and holds then easily nifty will break 12400 levels and can show us a new 52 weeks high in November series.