Nifty Trading Tip for Wednesday

Nifty Spot View: 23/11/2022
Cmp: 18244.20
Support & Downside Range: 18190--18129—18075
Resistance & Upside Range:  18325—18343, 18377—18397 zone, 18444
Short Term Trend Reversal Level: -- 18129

Nifty Trading Tip can help you make a profit on a daily basis.

Trading View: the bias remains range bound and strong till nifty trading above 18190 spot levels & trend remains bullish till nifty trading above 18129 spot levels whereas in today's trading session key level to watch is the 18325—18343 spot levels zone if bulls manage to break and sustain above it for 15-30 mins then move gets extend upside towards minimum 18377—18397 and max 18444 levels if bulls unable to cross 18343 than we may see 18300 strike options writers comes in action and may keep nifty between 18270—18343 for rest of the day to weaken the premium of both 18300 calls and put.

Another perspective

Nifty (Spot): Nifty is bouncing back from its 20-DMA after a minor profit booking. The put/call ratio had dipped below the 0.8 mark, which may lead to a short-covering rally from the support level of the 20-DMA. As per option data, the 18300 call option has the highest open interest; above this, we can expect a short-covering rally towards the 18500 level. On the downside, the put base has shifted to the 18200 level.

Options writers Prospective 18300 Combined Call & Put premium 230 now trading at 105 till options writers ate 125 points premium tomorrow our monthly and weekly expiry is there still 105 premium is there if 18300 Call & PUT writers are eager to eat as much as premium out of remaining 105 than today they will not let nifty to close below 1 8 2 7 0 spot and they may try to close at or above 1 8 3 4 3