NIFTY Gets Jittery Near 18000- Could Test Bulls Near 17800As discussed in our study yesterday ( April 4) the index could not convincingly close above 18060 levels and consequently got dragged to test the strength of 17900 levels. The call writers who wanted to keep NIFTY below 18000 managed to do so for the day and the put writers had to give in some ground that they gained yesterday and last week. In the absence of any major news the Index seem to be comfortable trading in the range of 18160-17800. Since the weekly expiry is day after tomorrow's price action will be interesting to watch. On the options side one could see short covering near 18250-18300 strikes fresh put writing was seen in 17950/18000/18100/18200 strikes. On the call option side fresh call writing was seen from 18000 to 18300 strikes. One could also see long unwinding of calls from 17900 to 17300 strikes.
Important levels are marked in the chart.
Disclaimer:
Center for Research in Financial Markets and Economy (C- FAME) is an initiative of the School of Business & Management at Christ Academy Institute for Advanced Studies, Bengaluru. The views presented here are for educational purposes only. C- FAME or the author does not take any responsibility for the trades initiated based on the view presented here.
