``Options Data Signals Strong Resistance at 23500, Support at 2300`` - Tradebulls Securities Pvt Ltd
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Nifty
Nifty displayed a strong reaction upmove with a gap but at the end of the day it failed to end its day near its days high zone formingakindofan‘Hanging Man’ formation which requires a mandatory close below 23030 for its activation. The same also acts as a tailing stop for ongoingmomentum which could see further stretch due to the event outcome. Options data indicates 23500 as a strong call writing zonefollowedby24000 so far while 23000 holds as strong support with confident writing witnessed even during yesterday’s session which looks likeaconfidentbase despite of the ongoing event outcome uncertainty. A hint of instability might be seen as the election results get closer whichcouldincreasemarket volatility. Traders may continue to exercise caution & refrain from building leverage positions until the event volatility cools downbelowsub 17 levels on India VIX. Traders are advised to remain selective while deploying longs & utilize intraday declines to add longs rather thanchasing breakout moves.
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