NIFTY
Highest Call writing building up at 22500 strike with 131.52 Lakh and highest Put writing at 22100 strike with 90.30 Lakh.
Index is unlikely to cross above 22525 level in the current weekly expiry and trade between 22300 - 22525 range.
Contra short position may be initiated if Index reaches near 22525 level and Call writing increases at 22500 Strike.
If Call unwinding takes place at 22500 strike if index crosses 22525 then index may touch 22600 level on the expiry day.
If Index down below 22380 then may reach to 22300 level and contra Long position may be initiated near 22300 level.
Trade closed: target reached:
Gap Up opening above 22600 level and contra trade initiated and index dragged to support level near 22300. Again Contra trade initiated for near 22580 and closed near resistance of 22525 level. Index swing both side of the trading band as analysed and contra trade initiated on both side of the range.