NIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 23200 NIFTY BEARISH BREAKOUT ZONE 22950 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 23200 CALL & 23500 CALL AND IN 23000 PUT. AS PER DATA ANALYSIS MARKET STILL LOOKS BEARISH. ON THE BASIS OF OPTION CHAIN ANALYSIS 23200 WILL BE KEY RESISTANCE LEVEL IN CASE OF RELIEF RALLY AND 23000 IS KEY SUPPORT LEVEL SINCE LAST 10 DAYS HEAVY PUT SELLING SEEN @ 23000 LEVEL. MY VIEW FOR TODAY'S STRATEGY IS SELL ON RISE STRATEGY. NIFTY LOOKS BEARISH DUE TO WEAK SENTIMENTS. TECHNICALLY NIFTY RSI IS AROUND 31 INDICATES MARKET IS ENTERING IN OVERSOLD ZONE SO AVOID OVERNIGHT SHORT POSITION BUT INTRADAY SHORT STRATEGY WILL WORK TODAY. NIFTY PCR IS 0.72 ALSO INDICATES CALL SELLER IS DOMINATING IN OPTION MARKET.