Indian benchmark indices Sensex and Nifty logged strong gains after six consecutive days of losses as investor emotion got a booster dosage after the government announced a 5 percent hike in dearness allowance.
Nifty formed bullish candle it retraced from its 61.8% retracement level which was at 11061 level and bounce back to 11321.6 and closed at 11313.3. The Indian Rupee is rose 8 paisa against the USD. Nifty managed to close above 50 & 200 EMA.
Maximum Call open interest (OI) of 18.54 lakh contracts was seen at the 11500-strike price followed by 11400-strike price which 17. Lakhs. Highest call writing was seen at strike price of 11450, which was 1.50 lakh contracts. Highest call unwinding was seen 11300 level, which was 7.64 lakh contracts.
Call option suggest 11450 will be next hurdle.
Maximum Put open interest of 18.65-lakh contract was seen at the 11000-Strike price followed by 11200 level with 18.48 lakh open contracts. Highest put writing was seen at a strike price of 11250, which was 10.23 lakh contracts.
Put option suggest 11200 will act as a support.