For the last three days, Nifty shows that it can still go to touch the new top of 15000 as soon as possible and this could be today also.
Importantly, the markets have managed to move past and stay above the 14650-14750 zones. We have weekly options expiry coming up. This shows that while significant Call unwinding happened at 14600 and 14700 levels, significant PUT OI addition also happened at 14700 and 14800 levels.
This means that a tactical shifting of the support levels moving higher happened.
Overall OI analysis shows that the highest Call OI concentration stands at 15000 while maximum Put OI stands at 14500 followed by 14700 levels.
The interpretation of this is that if the NIFTY longer above the 14650-14750 zones, the higher are the possibilities of it testing 15000 levels. Any slip below 14700 levels will see it having some weakness creeping in it.
Thursday will see the levels of 14875 and 14960 acting as resistance points. The supports come in at 14700 and 14580 levels.
Keep Trading
Happy Investing
Regards,
Neeraj Bhatia
Managing Director
www.crbpvl.com
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