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RKMAURYA

Finnifty Intraday Analysis for 12th April 2024

Long
Nifty Financial Services Index (NSE:CNXFINANCE)  
RKMAURYA Updated   
NSE:CNXFINANCE   Nifty Financial Services Index
Support and Resistance Supply and Demand Trend Lines
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supportandresistance supplyanddemand trendline
CNXFINANCE

Maximum Call writing is at 21700 strike with 5.66 Lakh followed by 4.34 Lakh Call at 22000 Strike. Maximum Put writing is at 5.78 Lakh at 21700 strike followed by 3.56 Put writing to nearer strike at 21600. The support level is shifting above to 21700. The Maximum Call and Put writing is shifting up at 21700 strike.

Index may face resistance near 21800 level. If Call writing take place at 21700 and 21800 strike then index may reach to 22000 level which is less likely on last day of the week.

If Index fall to near 21650 level and building up of Put option taking place at 21700 strike then index may bounce to 21700 - 21750 level.

Reversal of short term trend is likely below 21580 level.
Comment:
As US Market tanked on 10th and 11th April 2024 due to higher CPI numbers, Index is expected to gap down opening and find support near 21600 - 21550 level and should bounce back otherwise it may further tank to 21450 level.
Trade closed: target reached:
Gap down opening and made low near 21485 as analysed but could not break 21450 support.
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