NIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

NIFTY BULLISH BREAKOUT ZONE 23600 NIFTY BEARISH BREAKOUT ZONE 23450 OPEN INETEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INETEREST SEEN @ 23700 CALL & 23700 PUT. AS PER DATA ANALYSIS MARKET LOOKS BEARISH DUE TO HEAVY CALL OPTION SELLING SEEN. AS PER OPTION CHAIN ANALYSIS 23700 LOOKS STRONG RESISTANCE LEVEL. BIG NEGATIVE FACTORS IN INDIAN ECONOMY ARE HIGHER CRUDE OIL PRICES AND SHORTFALL OF RAIN. CRUDE OIL IS TRADING AROUND 100 $ DUE TO GEOPOLITICAL TENSION BETWEEN US AND IRAN. AND THIS CRUDE OIL PRICES MAY PUSH INFLATION ON HIGHER SIDE. SO AVOID POSITIONAL BUYING IN THIS MARKET AS PER ANALYSIS. SELL ON RISE STRATEGY WILL BE USEFUL IN THIS WEEK. DEFENSE SECTOR AND PHARMA SECTOR STILL LOOKING GOOD.