NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 13 NOV 2020

again FM nirmala sitharaman stimulus failed to impress the market participants.  Benchmark indices broke the eight consecutive session winning streak with Nifty below 12700 .The Indian markets erased their partial recovery and fell 1% on Thursday, even as Finance Minister Nirmala Sitharaman announced 12 measures under 'Atmanirbhar Bharat 3.0. The FM also launched Atmanirbhar Bharat Rozgar Yojana to incentivize creation of new jobs. The government announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate. Till now, only 10% difference between the circle rate and the agreement value was allowed. To boost residential real estate sector, the Finance Minister said the differential has now been increased to 20% for period up to June 30, 2021 for only primary sale of residential units of value up to Rs 2 crore. At close, the Sensex was down 236 points at 43357, and the Nifty was down 58 points at 12690.

Even as the index has risen for eight straight sessions, there are chances that the index may scale towards 12850 level. the short-term rally has reached a mature stage and a minor correction cannot be ruled out. While traders can continue to ride the trend, they need to keep an eye on the near term support zone of 12500-12,450 for Nifty. He said that the RSI has reached the extreme overbought territory on the shorter time frame and the index has also seen negative divergences, which confirms that the ongoing uptrend is reaching a matured stage and can undergo minor corrections. A sustained trade above 12630 could extend the up move to levels of 12750-12800. The immediate support exists at 12,500 level.  If Nifty moves above 12,700, buying pressure would lead the index towards 12,900-13,000 levels. Overstretched indicators are also a reflection of the strong grip of bulls on the market. We see 12800-13000 levels on Nifty as a possibility.

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Resistance: 12850, 12950, 13000

Support: 12550, 12450, 12350