Options Today
On the call options front addition of open interest was witnessed in last trading session at strike price of 5300 and 5400.
On the put options front we have seen addition of open interest in last trading session at strike price of 5000 and 5100.
OI Chart Analysis: From the OI Chart we can see the strike price witnessed highest addition of open interest in the April Series. In coming sessions market may trade in a range of 5100-5400. On the call option front strike price with the highest open interest i.e. 5300 and 5400 may act as resistance on the up side whereas on the put option front strike price with the highest open interest i.e.5000 and 5200 may act as a support on the downside.
Nifty Trend for Today
The index is currently near its very strong support zone of 5,130-5,150 and is likely to move higher in the short term. The 200-DMA is currently placed near the 5,130 levels and if the Nifty breaches this level, it could further go down towards the channel support of 5,000 in the next few trading sessions. A breach of 5,000 appears extremely unlikely and, hence, we recommend traders to short Nifty May 5000 Put options which are currently trading near Rs 50. The market is lacking direction and until a decisive move comes, the dullness is likely to continue. It appears more likely that finally the breakout would come on the upside.
RESISTANCE: It has first resistance close to the level of 5250 & above this level the next resistance is seen near the 5350 mark.
SUPPORT: It has first support close to the level of 5150 & below this level the next support is seen near 5200 mark.
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