NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 27 NOV 2020

Nifty saw steep selling pressure on Thursday expiry day of November f&o settlement 26 nov 2020 after hitting a record high on Wednesday, as the index ended up forming a 'Bearish Engulfing' candle on the daily chart. The Indian benchmark equity indices, Sensex and Nifty ended 1 percent higher on Thursday led by robust gains in metal and banking stocks. All the sectoral indices ended in the green led by Nifty Metal that rallied over 4 percent. Rally in index heavyweights such as Tata Steel, Bajaj Finance, HDFC twins helped Nifty end the November series above the 12950 level. In an extremely volatile trading session, benchmark indices settled higher with more than 60-65% roll-over of open positions in the December 2020 series. With relaxation in SEBI norms in margin regulations.

For now, any recovery on the index will be vulnerable to selloff. The index needs to hold above 12850-12900 to make an attempt for 13,000 level. A hold below the same could send the index towards 12800 and 12750 levels. The underlying trend remains intact as long. On the upside we expect Nifty to face resistance at 13000 levels and above that to 13100 -13200. Overall, we continue to remain bullish, minor intermediate corrections.

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Resistance: 13100, 13200, 13300

Support: 13000, 12900, 12800