Nifty 50

Today's session was trading around 24287, down 0.32%. The short term market structure remains mildly bearish, as the index has been unable to sustain moves above 24330-24360 resistance zone. However, strong support is visible around 24220, where buyers have recently stepped in.

For the next move, 24220 is the key level to watch. A decisive breakdown below 24220, preferbly followed a failed retest, would strengthen the bearish setup and make PE the preferred trade, with potential downside levels around 24150,24050-24000 and 23800.

On the other hand, if Nifty manages to break and sustain above 24360, the bearish view would weaken and CE could become preferable, with upside targets around 24400, 24500 and 24550.

Therefore, at the current level, i would not bindly buy either CE or PE. The better strategy is to wait for confirmation. Below 24220, PE has the advantage, above 24360 CE has the advantage, between these two levels, staying out is safer. Overall, the current setup gives a slight bearish edge, but the 24220  support must break before taking an aggresive PE position.

Heatmap

Thank you for reading my content really appereciate your efforts.