Midnifty Intraday Analysis for 12th April 2024
NIFTY_MID_SELECT
Maximum Call writing buildup of 11.11 Lakh is at 11000 strike followed by 8.11 Lakh at 10900 Strike and Put writing of 13.42 Lakh at 10800 Strike followed by 12.79 Lakh at 10900 Strike. Index is closed above support level of 10980.
Index may face resistance near 11025 level and may retrace if go 11025 - 11050 leve if more Call writing is building up at 11000 strike.
If Index sustain above 11025 level and unwinding of Call position at 11000 strike then index may touch to resistance near 11100 level.
If Index down to 10950 - 10900 level and Put Position is building up at 10900 Strike then index will bounce and goes near 11000 level.
Reversal of trend in short term is below 10800 level.
Maximum Call writing buildup of 11.11 Lakh is at 11000 strike followed by 8.11 Lakh at 10900 Strike and Put writing of 13.42 Lakh at 10800 Strike followed by 12.79 Lakh at 10900 Strike. Index is closed above support level of 10980.
Index may face resistance near 11025 level and may retrace if go 11025 - 11050 leve if more Call writing is building up at 11000 strike.
If Index sustain above 11025 level and unwinding of Call position at 11000 strike then index may touch to resistance near 11100 level.
If Index down to 10950 - 10900 level and Put Position is building up at 10900 Strike then index will bounce and goes near 11000 level.
Reversal of trend in short term is below 10800 level.
Comment:
As US Market tanked on 10th and 11th April 2024 due to higher CPI numbers, Index is expected to gap down opening and find support near 10850 - 10800 level and should bounce back otherwise it may further tank to 10700 level.
Trade closed: target reached:
Index faced resistance near 11025 as analysed then tanked to low near 10940 level.