Highest Call writing of 31.60 Lakh at 49000 strike followed by 19.90 Lakh at 48800. Highest Put writing of 35.88 lakh at 48000 strike followed by 27.90 Lakh at 48500 strike.
If Index sustain above 48800 level then it may go near 49000 level. Trailing SL near 48550 level. It is expected that index may drag to low when reach near 49000 if unwinding of Call option does not take place at 49000 strike.
If Index down to 48600 - 48550 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 48000 level which is less likely in the near term.
Trade closed: target reached
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Made high near 49050 level and profit booking dragged to low near 48915 level as analysed.