It is important to observe the put call ratio and where more puts or calls are being written.
Nifty has highest open interest in puts at 16000 means that support for the market is at 16000 and highest calls are written at 17000/16800 means these levels are going to be the resistance for the day.
Similarly we can use the Bank Nifty Put call ratio to arrive at the support and the resistance.
Read above information and correlate with data given in the screenshot.
Sgx Nifty is indicating WEAK opening.
The most important level is 16350. If we break this then we can go back to the range of 16100 to 16300. Else we may see another effort towards 16600.
BankNifty. Pls avoid it today due to expiry based volatility. Support is placed at 35100 and resistance at 35750. If the range breaks, we can see sharp move of 500 points.
Derivative. Data is clearly on the weaker side. So expect some sharp volatility today.
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