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.
17875F-17898F levels is where put sellers started adding positions and they should hold the price near to this if not push it above it for gaining control. As of Friday’s close they aren’t in control as the market didn’t even favour a vwap close.
Note : These references are from the open interest data and data across the strikes from current weekly expiry is considered for these references.
Day started as a continuation move of previous trend day and chose to timepass in a narrow range by closing below VAL of the day.
Good number of PE writers have shown up but not able to influence the market to favour them so they might be up for a bumpy ride if this weakness in price continues into monday’s open.
17754-17706F will be a strong support for NF as previous PE writers might come in defense there.