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Yesterday’s expiry session presented the perfect blend of volatility required to reinstate the confidence in the ongoing upmove. Final hour expiry lead buying not only led to a strong recovery of more than 350 points from the low but also helped the index surpass the 22360 hurdles on closing basis. On its oscillator front RSI has now moved above the 50 hurdles while ADX is declining. Since both the indicators remain diverging its ideal to refrain from aggressive positioning & wait for intraday declines to add positions. Option data concludes 22200 as the immediate base while further unwinding in 22500 would lead to an extended up move towards 22800 (2nd Highest OI cluster hurdle before of 23000). Traders are advised to remain selective while deploying longs & utilize intraday declines to add longs rather than chasing breakout moves. Since the ongoing surge in volatility is expected to continue its ideal to keep leverage positions low or deploy adequate hedge until volatility cools down.

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