Nifty Analysis by Bull Trade.
The short-term trend of Nifty continues to be range bound with positive bias. Previously, such sideways range movements at the higher tops have eventually resulted in a downward correction in the market from the highs. The Nifty continued to face stiff resistance around 23,400-23,500 levels and immediate support was at 23,280 levels.
Open Interest (OI) data showed that on the call side, the highest OI was observed at 23,500 and 23,700 strike prices. On the put side, the highest OI was at 22,800 strike price.
The short-term trend of Nifty continues to be range bound with positive bias. Previously, such sideways range movements at the higher tops have eventually resulted in a downward correction in the market from the highs. The Nifty continued to face stiff resistance around 23,400-23,500 levels and immediate support was at 23,280 levels.
Open Interest (OI) data showed that on the call side, the highest OI was observed at 23,500 and 23,700 strike prices. On the put side, the highest OI was at 22,800 strike price.