Nifty Intraday Analysis for 7th January 2025
Updated
NIFTY Index closed near 23615 level and Maximum Call and Put Writing near CMP as below in current weekly contract:
Call Writing
24200 Strike – 101.70 Lakh 24000 Strike – 93.24 Lakh
24100 Strike – 76.54 Lakh
Put Writing
23300 Strike – 49.24 Lakh
23500 Strike – 40.70 Lakh
23600 Strike – 39.55 Lakh
Index has resistance near 23750 - 23800 range and if index crosses and sustains above this level then may reach near 23950 - 24000 range.
Index has immediate support near 23500 – 23450 range and if this support is broken then index may tank near 23250 – 23200 range. If the Index doesn't bounce back from day low, another round of downside moment is expected due to fresh development of the HMPV threat.
Trade closed: target reached
Gap up opening and made high near 23795 then again fall with low near 23640 and closed near 23710.
Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.
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