NIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

NIFTY BULLISH BREAKOUT ZONE 23530 NIFTY BEARISH BREAKOUT ZONE 23300 OPEN INETREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 23500 CALL & 23500 PUT YESTERDAY. AS PER DATA ANALYSIS MARKET STILL LOOKS BEARISH AND AS PER OPTION CHAIN ANALYSIS 23500 LOOKS STRONG RESISTANCE LEVEL BECAUSE HEAVY CALL OPTION SELLING SEEN @ 23500 CALL. FUNDAMENTAL FACTORS ALSO LOOKING NEGATIVELY BUT AS PER TECHNICAL ANALYSIS NIFTY IS TRADING IN OVERSOLD ZONE SO MARGINAL RELIEF RALLY WE ,AY SEEN IN MORNING SESSION. ON THE BASIS OF CURRENT SITUATION SELL ON RISE STRATEGY WILL BE USEFUL. 23500 LEVEL IS GOOD FOR SELLING. TODAY AGAIN POWER AND DEFENSE SECTOR WILL PLAY IN POSITIVE SIDE AND AVOID FINANCE AND IT SECTOR.