Midnifty Intraday Analysis for 16th April 2024

Apr 15

NIFTY_MID_SELECT


Maximum Call writing buildup of 5.07 Lakh is at 10800 strike followed by 2.79 Lakh at 11000 Strike and Put writing of 4.88 Lakh at 10800 Strike followed by 4.55 Lakh at 10600 Strike. Index is closed above support level of 10800.

Index may face resistance near 10880 - 10930 level and less likely expected to go beyond 10950 level due to Israel Iran War Tension

If Index has support near 10600 level if index fall and sustain below 10650 level.

It is expected that the index trade around 10800 level if was tension is not escalated much.

Apr 16

Trade closed: target reached

Gap up opening and Index faced resistance near 10880 level as analysed and tanked to low near 21730 level and closed near 10770 level. Down side risk easing out if no further war escalation between Israel and Iran.