2024-05-08 10:26:35
Nifty Option Chain Analysis- 9MAY2024CMP: 22305 (12:00PM)
Nifty opened lower today, extending last Friday's selling pressure. However, the 61.8% retracement b/w 21777-22794, which is ~22170 came into action.
At lower levels, there was Unwinding in Long PUTs, followed soon by a price reversal from the low of 22185.
Currently, the change in OI numbers is indicating a positive bias.
Total OI : CALL @ 57Lk (+3.8Lk) Vs PUTs @ 37Lk (+7Lk); PCR improved from yestdy’s 0.56 to 0.64
In Active-Strikes (marked in Grey), PUT OI Change stands @ 6.2Lk Vs only 3.9Lk CALLs
Money-flow Activity: M2M dynamics suggest Short-Buildup in PUTs & Short-Cover in CALLs since 10:30AM
Intraday Technical Sup@ 22170; Res@22380 While the data presents a positive outlook, it's essential to remain cautious and vigilant with immediate resistance ~ 22380.Initiated:Nifty 9MAY2024 22300CE @ 53 | Status: All TGTs Done (@120) Source: www.nseindia.com
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