NIFTY has opened below 17150 today, signaling weakness in the market. A very strong weekly support at 17000 getting tested early today. 16800 is the next support level. A very high VIX early on suggests wild moves in price, which might come after some consolidation around 17000. Breaking below 17000 on hourly chart will allow further movement on downside.
On the options side, 17100 CE is being aggressively written, but 17000 PE is not being covered for shorts. So looks like a day of consolidation around 17000. Big volume would be required to break the 17000 support. But overall view is still bearish as NIFTY has opened below 17150.
On the options side, 17100 CE is being aggressively written, but 17000 PE is not being covered for shorts. So looks like a day of consolidation around 17000. Big volume would be required to break the 17000 support. But overall view is still bearish as NIFTY has opened below 17150.