Pre Market Analysis Nifty50 Monday 02 Dec 2024
The 23,870 level is likely to act as support for nifty 50 in the upcoming week, while previous session high 24,350 will act as hurdle. The Nifty 50 Started December series on a bullish note rising 0.91% on November 29 after a day of -1.49% declines indicating a bear trap in the market.
The index took support at 23900 levels and closed at 24131 levels filling the bullish gap of November 25.
Therefore 23900 will act as support for the index in upcoming week, while the crucial hurdle on the upside is at 24350 levels. If the index moves above 24350, the next resistance will be at 25000 levels and if it breaks 23900 levels the next support will be likely 23500 and 23300 levels.
The Nifty 50 index has formed a bullish Marubozu candlestick pattern on daily timeframe indicating a positive trend.
The index is above 10-20 EMA and RSI is at 50 and entered the upper band of Bollinger band, which is a bullish sign
Option Chain Data
The weekly option data indicates that Nifty will trade between 24000-24500 levels for December series 1st week.
Call side OI
| Strike Price | Change in OI CE | OI CE |
| 24000 | -19,843 | 1,37,735 |
| 24100 | 14,941 | 1,26,510 |
| 24200 | 8,965 | 1,85,338 |
| 24300 | 2,091 | 2,04,281 |
| 24400 | 28,828 | 1,60,256 |
| 24500 | 44,126 | 2,93,912 |
Maximum Call oi was seen at 25000 level followed by 24500 and 24300. Maximum call writing was seen at 25000-24700-24900 Strike price
Put side OI
| Strike Price | Change in OI PE | OI PE |
| 23800 | 1,10,499 | 2,23,357 |
| 23900 | 55,985 | 1,53,593 |
| 24000 | 1,13,948 | 2,77,256 |
| 24100 | 86,804 | 1,73,328 |
| 24200 | 23,655 | 1,20,364 |
| 24300 | 8,660 | 1,01,001 |
Maximum Put OI was seen at 24000 followed by 23500 and 23800 Strike Price. Maximum Put writing as seen at 24000-23800-24100 Strike Price.
These are the data according to which on Monday 24000 is likely to act as strong support and 24300 will act as strong resistance.