BAJFINANCE
Today Target 1 of 6278 hit easily and even if some might have hold then one can have achieved till 6300 easily.
After that it went down and surprisingly it closes in range of our entry zone which is at 6230 level. This level was previously acting as a resistance Zone.
About Open Interest
6300 level will be deciding level as today it had addition of highest put option writing even though it is in the money. On the other side total call writing is higher than put writing . But change in OI is higher on Put side at 6300 level.
Apart from all 6400 is now having highest call writing .
Trade setup for tomorrow.
Now if tomorrow 6230 range works as Support zone then we can see easy up move towards 6300 level. No matter what it is advisable to book the profit at this level as well as partial profit at 6278 level which was our 1st target. Further if it holds and trade above 6300 level then we can see another up move and target mentioned on chart.
Hope you had a good profit from this trade today. Do comment if my ideas are helping you to understand trend, levels and price action.
Let me know if you have any doubt or suggestion.