NIFTY
Highest Call writing at 22500 strike with 42.86 Lakh Contract followed by 29.58 Lakh Call writing at 22600 strike and maximum Put writing at 22000 strike with 42.93 Lakh Contract followed by 33.85 Lakh Put writing at 22300 strike.
If Index open near 22200 - 22100 and Put writing is increasing at 22300 and 22200 level then Long position may be initiated for a target near 22500 level.
If the Call is started unwiding at index approaches 22500 level then All Time High level will be breached otherwise index will retrace again from the ATH resistance zone.
If Index open near 22200 - 22100 and Put writing is decreasing at 22300 and 22200 level then Short position may be initiated for a target near 22000 level. This scenario is less likely to happen.
Trade closed: target reached:
Index could not cross the resistance level marked near 22530 level and traded in small range after Gap up opening. No trade initiated.