NIFTY TECHNICAL ANALYSIS & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 22850 NIFTY BEARISH BREAKOUT ZONE 22700 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 23000CALL & 14000 PUT. AS PER DATA ANALYSIS MARKET LOOKS VERY NEGATIVE BUT AS PER TECHNICAL ANALYSIS NIFTY IS TRADING IN OVERSOLD ZONE AND WE MAY SEE RELIEF RALLY SOON. SO AVOID SHORT POSITION IN FIRST SESSION. AS PER OPTION CHAIN ANALYSIS 22700 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 22700 PUT LEVEL. IF NIFTY BREAK 22700 LEVEL THAN 22500 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 23000 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF NIFTY IS ALSO INDICATING CALL SELLERS ARE DOMINATIONG IN MARKET. PHARMA SECTOR, ELECTRONICS GOODS SECTOR ARE LOOKING GOOD.