MIDCPNIFTY TECHNICAL ANALYSIS & DERIVATIVE STRATEGY

MIDCPNIFTY BULLISH BREAKOUT ZONE 13800 MIDCPNIFTY BEARISH BREAKOUT ZONE 13500 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 14000CALL & 14000 PUT. AS PER DATA ANALYSIS MARKET LOOKS STILL NEGATIVE. BUT TECHNICALLY MIDCPNIFTY IS TRADING IN OVERSOLD ZONE AND TODAY INTRADAY WE HAVE SEEN RELIEF RALLY BUT STILL OVERALL TREND IS ALSO NEGATIVE. AS PER OPTION CHAIN ANALYSIS 13500 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 13500 PUT LEVEL. IF MIDCPNIFTY BREAK 13500 LEVEL THAN 13100 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 13900 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF MIDCPNIFTY IS 1.08 THIS PCR RATIO INDICATES NEUTRAL MARKET CONDITION. PHARMA SECTOR STILL DOMINATES IN MARKET AND RENEWABLE ENERGY ALSO LOOKING GOOD.