Highest Call writing of 22.18 at 48500 strike followed by 19.08 Lakh at 48000. Highest Put writing of 37.54 lakh at 48000 strike followed by 27.22 Lakh at 47500 strike. Fresh Call writing of 17.33 Lakh is building up at 49000 strike. Support is shifting up to near 47700 level.
If Index crosses 48640 and sustain then it may go near 49000 level. Trailing SL near 48150 level.
If Index down to 48000 and Building of Put position at 48500 strike then index will bounce back to near ATH resistance level.
Reversal of short term trend only possible below the 47700 level which is less likely in the near term.
Trade closed: target reached
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Index faced resistance around ATH level and traded in narrow range. Expected that Index me touch 49000 level soon.