16176-16182F – Support
16040F – Support
16290F – Previous Singles selling area of 11/8 previously turned support
16410F – Singles area buying support from 13/8
Note: When market tests these levels and show the expected behaviour i.e. holding a support or not crossing a resistance that combined with a datapoint becomes a valid trigger for a trade.
16345-360F – Support from Put writers on 12/8.
16400-16410F – Support from Put writers on 13/8
16455F – Immediate support
Note : These references are from the open interest data and are valid only for the first 10-15 minutes of next day’s open because new positions come in during market hours which will create new references to track.
Open of today was a clean drive up by bulls as a follow-up towards previous day’s close above supply coupled with PE writing. Today also the open drive was accompanied by good PE selling near the single print area.
Considering the heavy PE writing the market is expected to have a limited downside if it’s found taking support at the references mentioned above.
Further upside depends upon Fresh data points that come in live market.