Market is below the max pain point.
PCR is 1.52 at the time of close, which indicates more put option- over- call option in -ATM strike.
Panic option sellers closed their positions at 33500 to 34000 put option strikes, caused a sharp move on the downside
But there are put option sellers at 32900 to 33400 Put strikes not selling which are in the money now.
We can expect the market to trade the same half range of today at least till 33300 for tomorrow
this is the interpretation that we could arrive with eod OI data.
The Marked levels on chart almost coincides with the OI data for the resistance and for support it has multiple price action reference.
Good price action signals on the marked level can more likely to be a successful trade.
Global market
asia is down, Europe Currently trading in red, US is in mild green
Stay safe!
PCR is 1.52 at the time of close, which indicates more put option- over- call option in -ATM strike.
Panic option sellers closed their positions at 33500 to 34000 put option strikes, caused a sharp move on the downside
But there are put option sellers at 32900 to 33400 Put strikes not selling which are in the money now.
We can expect the market to trade the same half range of today at least till 33300 for tomorrow
this is the interpretation that we could arrive with eod OI data.
The Marked levels on chart almost coincides with the OI data for the resistance and for support it has multiple price action reference.
Good price action signals on the marked level can more likely to be a successful trade.
Global market
asia is down, Europe Currently trading in red, US is in mild green
Stay safe!
