16176-16182F – Support
16040F – Support
16410F – Singles area buying support from 13/8
16482F – PBL from 17/8 where shakeout happened.
16615F – VWAP of 18/8
16686F – Failed auction from 18/8
16386F – Pull Back Low support from 20/8
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.
16654-668F PE buying from 18/8
16473-498F PE writing from 13/8
16285-320F – PE writers from 12/8
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 as expected and much lower to make advantage of trapped put sellers from the previous day, After the opening we did see both sided option writing in Nifty at the opening followed by PE writers dominating after the exit from previous PE writers which kept the nifty above the support levels for the day limiting the downside.
As per overall data from 20/8 none of the writers had conviction for one-sided writing either call/put but have preferred to write options on both sides which tells us to expect some rangebound action in Nifty going into the open on 23/8.