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Nifty Analysis for 5th December, 2023


1.      The S&P 500 declined 0.54% to end the Monday session at 4,569.78 points, with megacaps Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) dipping over 1%, pressured by higher U.S. Treasury yields.  The Nasdaq declined 0.84% to 14,185.49 points, while Dow Jones Industrial Average declined 0.11% to 36,204.44 points.


  Gold fell more than 2 percent after hitting an all-time high on Monday.

 

4.      Oil prices fell on Monday on concern about a drop in demand and on continued uncertainty about the depth and duration of OPEC+ supply cuts.

 

Technical Analysis

WallSt. ended lower on Monday, interrupting last week's rally, as investors are cautious ahead of employment data due this Friday that could alter expectations that the Fed will cut interest rates early next year. Asian Markets are currently trading lower, taking cues from the WallSt. KOSPI is trading in the red despite South Korea's inflation eased for the first time in four months in November

Trends in GIFT Nifty indicate a flat-to-negative start.  Despite overbought technical conditions, the short-term technical look for Nifty continues to be bullish. However, The Nifty Put Call ratio (PCR) climbed from 1.3 to 1.39, indicating an increase in bearish sentiment.

Nifty is likely to see immediate resistance at 20,707 followed by 20,754, 20827 and 20,953, while on the lower side, it can take support at 20,550 followed by 20,507 and 20,438 levels.

The 21,000 strike has the maximum Call OI with 65.98 lakh contracts, followed by the 21,500 strike, which had 57.10 lakh contracts, while the 20,700 strike had 56.33 lakh contracts. Significant Call writing was seen at the 21,500 strike, with added 30.08 lakh contracts, while significant Call unwinding was at the 20,400 strike, which shed 32.81 lakh contracts followed by 20,500.

Conversely, the 20,500 strike has the maximum OI for Put, followed by 20,000 strike comprising 72.94 lakh contracts and 20,600 strike with 63.85 lakh contracts. Significant Put writing was at 20,500 strike, which added 70.59 lakh contracts followed by 20,600 strike.

 

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