NIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

NIFTY BULLISH BREAKOUT ZONE 23400 NIFTY BEARISH BREAKOUT ZONE 23230 OPEN INTEREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 23500 CALL & 23400 PUT. AS PER DATA ANALYSIS MARKET LOOKS RANGE BOUND TO SLIGHT BEARISH. AS PER OPTION CHAIN ANALYSIS 23400 & 23500 LOOKS STRONG RESISTANCE LEVEL BECAUSE MAXIMUM CALL WRITING SEEN @ ABOVE LEVEL. AND NEAR TERM STRONG SUPPORT IN NIFTY IS 23000. SINCE LAST ONE WEEK SHORT SELLERS ARE SELLING 23000 PUT LEVEL. DURING MORNING SESSION MARKET MAY TRADE IN NARROW RANGE SO AVOID OPTION BUYING IN THIS SCENARIO. PUT CALL RATIO OF NIFTY OPTION CHAIN IS 0.9 INDICATES CALL SELLERS ARE STARTING DOMINATE OPRION CHAIN. THIS RATIO INDICATES MARKET LOOKS BEARISH.