NIFTY
Highest Call writing of 71.25 Lakh at 22800 Strike followed by 66.37 Lakh at 23000 Strike and 64.65 Lakh at 22700 strike. Maximum Put writing of 39.76 Lakh at 22500 Strike followed by 26.25 Lakh at 22200 strike and 25.63 Lakh at 22400 Strike. Index closed near 22475 level.
Index fell on Friday (03-05-2024) on rumour about increase in Capital Gains Tax which was clarified by FM that Government has no plan to change in Capital Gains Tax. Index has strong support near 22300 level and less likely to go below 22225 level.
Index has resistance near 22700 – 22800 level and if this resistance and contra position may be initiated if index reaches in this range. If unwinding of Call wring position takes place at 22700 and 22800 strike, then index may reach near 23000 level.
Trade closed: target reached:
Made high near 22590 level then tanked to low near 22410 level.