16176-16182F – Support
16040F – Support
16290F – Previous Singles selling area of 11/8 previously turned support
16410F – Singles area buying support from 13/8
16482F – PBL from 17/8 where shakeout happened.
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
16455-465F – support from PE writers on 13/8 & 16/8
16540-47F – Support for tomorrow backed by PE writers from 17/8.
Note : These references are from the open interest data and data across the strikes from current weekly expiry is considered for these references.
Open of today was within previous day’s range and the market went on lower after a series of PE writers were betting on further upside to test the strength of these writers at lower support area at 16460-480F and where it witnessed a huge exit of PE writers who entered in the morning and yesterday betting on further upside. Once these put writers are out the market took a U turn and came to the place of resistance from morning where fresh PE writers appeared who took the market higher which is expected to continue into 16700F on Nifty tomorrow
As per data 16540-47F can act as support for tomorrow and the expiry can be on positive side.