As discussed in our study yesterday, the index was not able to sustain above 16120 and the witnessed a move to lower levels and close below 16000 yesterday. Options OI build up in the weekly expiry suggest 15800 -15700 to be a support area. On the upside move towards 16100 could see fresh shorts getting added. For the day the market can remain range bound and trade between 16100 and 15800. We maintain a mild negative bias and hence any upmove towards 16100 levels can be used for building short positions. Shorts will need to be squared off if the market starts trading consistently above 16100.
Important levels for the day are given below
Bullish Above 16100
Possible Upside Targets - 16180/16230/16280/16310
Bearish Below 16080
Possible Downside Targets - 16000/15920/15880/15840/15800.
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades
Important levels for the day are given below
Bullish Above 16100
Possible Upside Targets - 16180/16230/16280/16310
Bearish Below 16080
Possible Downside Targets - 16000/15920/15880/15840/15800.
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades
