OPTION CALL PUT TIPS & NIFTY VIEW FOR 27 NOV 19

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Bulls were gun-gho and pushed the nifty to all-time highs in today’s session. Indian markets hit new milestones today but failed to hold on to gains and ended moderately lower. Sensex off 300 points from day’s high & nifty ended 68 points lower below 12050 mark. The Sensex hit 41000 for the first time today, rising to 41120 at day's high before settling 68 points lower at 40821. The Nifty also hit a new intra-day high of 12132 today but settled 0.30% lower at 12037. The Nifty Bank index today hit a new high of 31850 and ended 0.50% higher at 31718.  Nifty finally managed to touch new high today on the back of strong global cues, FII buying and improvement in market sentiments post slew of Government reforms. While the initiatives taken by the government and RBI will take time to work on the ground and reflect in numbers, the market is focusing on long-term reforms (Tax cuts, potential Disinvestment/Privatization, further stimulus/ reforms, etc.). Improvement in global cues (easing of the US-China trade war, range-bound crude oil prices, monetary easing by the US Fed, US equity markets at new high) is also aiding sentiments.
Bullish sentiment is likely to continue and index is likely to scale higher towards 12200 zone. Markets have climbed wall of worries and have hit fresh all-time highs which signals sheer strength. We have maintained our bullish stance for a while. 12000 is the immediate support zone. Traders should utilize dips towards support zone to build long positions.   For the coming session, immediate resistance would be seen at 12150-12175 and a sustainable move beyond this would extend this rally towards 12200. On the flipside, 12000-11950 are likely to act as strong support levels unless this zone is violated decisively, the bulls need not worry.

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Resistance: 12150, 12175, 12200

Support: 12000, 11950, 11900