The Nifty -50 jumped back from the oversold territory & some how managed to get past its critical resistance level at 7,700 in yesterdays trade. Moving ahead, the index is heading towards its critical resistance levels, which may cap further upside.

Today, the market may remain volatile ahead of the outcome of the FOMC meeting later, and could very well break out or break down today. Going through options data, it is likely to move in the 7,500-8,000 range.

Options data concluded heavy Put writing at 7,500 with the addition of 3.01 lakh contracts, which took overall open interest to 80.22 lakh, & this level will continue to provide support to the index. Put OI concentration at strike price 7,700 stands at 33.22 lakh contracts.

The Nifty 50 futures witnessed buying interest in the second half of the session on yesterday and headed towards the critical hurdle at 7,720 level. Nifty-50 Dec futures ended at 7,709.40 on yesterday with a premium of 8.50 pts over the spot closing of 7,700.90.


Nifty option tips : BUY NIFTY 8000 PUT ABOVE 250 TGTS 265/285 SL 230

Nifty option tips : NIFTY 8000 PUT HIT 1ST TGT 265 HIGH OF 271.35 BOOK PART PROFIT



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