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Data Trends

NIFTY – For 17th August 2021

Important references from Marketprofile to track.

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.

Important references from Open Interest data to track

16345-360F – Support from Put writers on 12/8.

16400-16410F – Support from Put writers on 13/8

16455-465F – support from PE writers on 13/8 & 16/8

16547F – Pivot Level for Bulls/Bears for tomorrow.

Note : These references are from the open interest data and data across the strikes from current weekly expiry is considered for these references.

Call and Put Activity of 16th August 2021

Open of today was within previous day’s range and the market went a bit lower to test the lower support area and made a low of 16461F which is 5 points above the support mentioned in the last blog post and made a bounce off that level which indicates this support is a key reference.

However there was not much fresh one sided activity on NF in today’s move and that makes today’s move not so strong one either for bulls/bears.

But as per data 16547F can act as pivot for the near term for bulls/bears and NF can stay rangebound (16547F-16455F) not giving a big movement.

Data is not clear on any further move yet so it’s better to wait and ask the data tomorrow.

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