Nifty opened gap up for the third consecutive day of the week, this time keeping its head above 12161 and remained above this level throughout the day. It has been forming higher high and higher low for the past 2 sessions showing its inclination to clinch 12300 in this week.
A perusal into Option chain OI indicates covering of shorts in 12100 and 150 CE reducing their loss due to call writing. Huge Put writing is seen at 12100/150/200 strike prices, especially in 12200 PE suggests that the ongoing rally can continue on expiry day. But the crucial level of 12158/161 should be held for the day.
On the whole, today could be a big battle for both bulls and bears where ultimately bears may have to give up as the index is forming higher high and higher low.
Today being weekly expiry, keep your bets mild.
12200 Ce likely to come under pressure as it has the second highest OI buildup. Best entry price and target given to members on board for this strike price as jackpot.
Good Luck!
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