Monthly expiry, year end may make Nifty volatile!
As expected, yesterday markets moved up after a gap-up and pull back in the opening. Markets spend a lot of time neat 17500 levels, where a maximum CE-PE OI is placed. It has become a neck to neck fight with some bullish bias. However, this level is important as it is close to 61.8% retracement of the entire downmove from 18600 to 15600. So some resistance and pullback is expected near the zone. For the day if we gap up, 17500 CE may see unwinding, pushing the index higher. However, some profit booking, pullback is likely during the day. And we may well see some sell off as well. Being monthly expiry things are gonna be volatile as big guys fight to protect their levels.
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