NIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 23200 NIFTY BEARISH BREAKOUT ZONE 23000 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 23400, 23200 CALL & 23100, 23000 PUT. AS PER DATA ANALYSIS MARKET LOOKS RANGEBOUND TO NEGATIVE. AS PER OPTION CHAIN ANALYSIS 23000 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 23000 PUT LEVEL. IF NIFTY BREAK 23000 LEVEL THAN 22700 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 24200 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF NIFTY IS 0.92 THIS PCR RATIO INDICATES CALL OPTION SELLERS ARE STILL DOMINATING IN THIS MARKET. FII LONG RATIO IN INDEX FUTURE IS 11.44% LAST SESSION FII WAS NOT ACTIVE IN DERIVATIVE MARKET. DURING MORNING SESSION AVOID INDEX TRADING AND USE SECTOR SPECIFIC APPROACH.