Unwinding of PE from 22,300 to 22,000 and increase in OI from22,300to22,500suggest option traders expecting lower levels -Tradebulls Securities Pvt Ltd
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Nifty
It was third consecutive negative closing for Nifty which created ‘Bearish Belt Hold’ candlestick pattern on daily scalesuggestingbearish trend. Nifty also closed below its 20-day moving average establishing double top it made around 22,800 tobevalidatedasits short term top. 22,500 has highest CE open interest while 22,000 has highest PE open interest suggesting rangefor Niftybetween 22,000 and 22,500 this weekly expiry. Unwinding of PE from 22,300 to 22,000 and increase in OI from22,300to22,500suggest option traders expecting lower levels. Traders are advised to remain on the short side until 22,600 is not breachedontheupside. Next target for bears is to test levels of 22,000.
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