Buy Or Sell | Buying Momentum To Pick Up If Nifty Crosses 11,000

Put Writers Are Shifting To The Higher Band Which Shows Strength In The Current Trend.

Nifty witnessed a V-shaped recovery from 10,350 to 10,800 on the back of short covering and long build-up. Call writers were seen covering their short positions while Put writers were active in 10,700 and 10,800 strikes.

Put writers are shifting to the higher band which shows strength in the current trend. This week 10,800 Strikes holds the highest OI of more than 43 lakh shares followed by 10,000 Strike indicating that bears are on the back foot. On the downside 10,800 and 10,700 will act as strong support.

Any break above 11,000 will add further buying momentum towards 11100 level.

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