AS PER THE FUTURES DATA IN THE ORDERFLOW IT HAS NET LONG POSITIONS INDICATING BULLISH STRENGTH IN THE INDEX. MARKET CLOSED NEAR A RESISTANCE AREA - A DECISIVE MOVE // BREAKOUT OF THE AREA IN THE UPWARD DIRECTION WILL OPEN RANGE POTENTIAL OF 23800-24000 LEVELS. ON THE DOWNSIDE 23200-23050 LEVEL WILL ACT AS A VERY STRONG SUPPORT FOR TOMORROW.
OPTION CHAIN ANALYSIS - THERE HAS BEEN VERY NICE CALL UNWINDING ON EVERY STRIKE PRICE BELOW 23500-23000 INDICATING BULLISH STRENGTH, HOWEVER THERE HAS BEEN A LESS INCREASE IN PUT WRITING IN STRIKES IN COMPARISON WITH CALL SIDE - BUT MARKET STILL LOOKS BULLISH. THERE IS GOOD AMOUNT OF PUT WRITING AT 23200 LEVEL WHICH COINCIDES WITH OUR SUPPORT AREAS - WHICH CAN ACT AS A VERY GOOD AREA OF SUPPORT FOR TOMORROW.
INTRADAY SUPPORT & RESISTANCE AREAS RESISTANCE - 23400-23500 // 23800-24000 // 24200 SUPPORT - 23200-23050 // 22900 // 23750