Description
⋅ Nifty has formed a M pattern on the hourly charts and closed below 22k levels.
It has closed around the 20 ema on the daily charts. If there is a gap down opening, another selling can be seen in the market.
In case there is a gap up to flat opening, wait for the price to breach below the support zone.
Major support levels :- 21920, 21830
Tomorrow is the monthly expiry and today market gave a good selling market. There are chance of giving a good movement.
Another follow through can be seen in the market. So just watch the market takes out today's low.
Major resistance levels :- 22100, 22210
Just wait for a pattern formation around the zone and trade only the setup as option premium will give a decay.
If VIX is high, option premium will be high. Option buyer need to take a entry when there is momentum in the market.
Wait for the price action near the levels before entering the market.