NIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 22800 NIFTY BEARISH BREAKOUT ZONE 22600 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 23000CALL & 22700 PUT. AS PER DATA ANALYSIS MARKET LOOKS NEGATIVE. BUT AS PER TECHNICAL ANALYSIS MARKET IS TRADING IN OVERSOLD BASIS SO MARKET MAY GIVE SOME RELIEF RALLY IN INTRADAY. OTHERWISE GLOBAL FACTOR LOOKS VERY NEGATIVE SO AVOID POSITIONAL BUYIING POSITIONAL. AS PER OPTION CHAIN ANALYSIS 22600LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 22600 PUT LEVEL. IF NIFTY BREAK 22600 LEVEL THAN 22400 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 23000 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF NIFTY IS 0.78 THIS PCR RATIO INDICATES CALL OPTION SELLERS ARE STILL DOMINATING IN THIS MARKET. FII LONG SHORT RATIO IN INDEX FUTURE IS 8.63% INDICATES FII ARE HIGHLY BEARISH ON INDIAN MARKET.