NIFTY
Highest Call writing of 25.46 Lakh at 23000 Strike followed by 24.35 Lakh at 22700 Strike. Maximum Put writing of 33.65 Lakh at 22700 Strike followed by 30.17 Lakh at 22500 Strike.
Index may face resistance near 22800 - 22825 level. If index crosses 22825 level and unwinding of Call is unlikely at 22700 and 22800 level, then index may reach near 23000 level.
If index goes near 22650 level and Building of Put taking place at 22700 and 22600 level, then index may bounce to 22800 level.
Reversal of short term trend possible if index fall below 22400 level and unwinding of Put at 22500 taking place.
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 22600 - 22550 level and should bounce back otherwise it may further tank to 22450 - 22400 level.
Trade closed: target reached:
Gap down opening and made low near 22515 level as analysed.