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.
Good PE writing is seen overall across the day and today’s vwap will be an important reference to watch for the short term which is 17688F, If held at open then can be a positive sign for expiry tomorrow
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 withing previous day’s range and had a drive down which has witnessed shutoff in selling well above yesterday’s lows indicating lack of conviction from sellers later on we had an OAIR till noon and had a spike followed by VWAP close, A typical rangebound day of OAIR and vwap close.
Today’s low of 17613 is crucial to be held and action at vpoc of 17646 and 17688F is also important for a positive close, Acceptance < 17646 is not a good sign.