(14SEPT2023)
CMP: 19948 (13:36)
📌 As Nifty inches towards the all-time high of 19991, aggressive PUT Writing is witnessed (8.5 Lk+ PUT OI added Vs only 4.8 Lk for CALLs)
📌 In the past 2Hrs, thick of the activity seems to be Short-Buildup (SB) on the PUT side
📌 Meaningful/Active Writing in OTM Options for PUTs is seen in b/w 19950-19800 strikes, adding a healthy OI of 5.1Lk. Whereas, for CALLs its b/w 19900 & 20100, adding only 2.6Lks.
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The PCR derived from OI change in these Active Strikes is 1.96, reflecting confidence of PUT sellers on the market
📌 Based on active OI additions, V-WAP Sup/Res are: 19800/20050
📌 The data is skewed towards PUT seller/Bulls reflecting the current positivity. However, given an extended rally, we advise a "Cautious Bullish" approach from here! A detriment in the Active PCR shall signal weakness
