NIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 23350 NIFTY BEARISH BREAKOUT ZONE 23200 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 23500 CALL & 23000 PUT. AS PER DATA ANALYSIS MARKET STILL LOOKS RANGEBOUND. AS PER OPTION CHAIN ANALYSIS 23500, 23700 LOOKS STRONG RESISTANCE LEVEL. IN LAST 3 DAYS NIFTY TRY TO BREAK 23500 LEVEL BUT NOT SUCCESS BECAUSE HEAVY CALL SELLING SEEN @ 23500 LEVEL AND 23000 WILL PLAY AS A KEY SUPPORT LEVEL IN LAST 3 DAYS MAXIMUM PUT WRITING SEEN @ 23000 LEVEL. TODAY MORNING MARKET WILL OPEN GAP DOWN BUT THIS GAP DOWN WILL GIVE BUY OPPORTUNITY TO INTRADAY PLAYER. INTRDAY PLAYER BUY WITH 23400 LEVEL TARGET. AND IF NIFTY BREAK 23200 LEVEL THAN SHORT SIDE OPPORTUNITY WILL ARISE. FII LONG SHORT RATIO IS 10.69% INDICATES MARKET IS TRADING IN OVERSOLD ZONE.