NIFTY

Nifty: It’s been a great week for the Nifty as it crossed the 16000 historical benchmarks and hit the highest point of 16348.5. Friday there was a good gap up opening and hit the highest point of 16336.40 but after that market went slightly toward the bearish side and close at 16238.20. India VIX has slightly decreased as per the last week, so we can see a mixed movement in the coming week.
As per the option chain analysis, 16300 strike price can work as a good resistance level where the CE open interest is above 69000 and PE open interest is above 61000 at the level of 16000 strike price.
Support: S1 16209, S2 16161, S3: 16090
Resistance: R1 16287, R2 16332, R3 16401
Bank Nifty: A slight gap up opening on Friday, touch the 36079.10 but couldn’t able to continue the rally towards the upside and give a bearish movement full day and closed at 35809.25. The coming week could give a movement towards up and downside as 35987 can work as a resistance level again for Bank Nifty and 36257 would be the next resistance.
As per the option chain analysis, 36000 strike price CE has the open interest is more than 58000 and PE side 35500 strike price open interest is above 36000 only.
Support: S1 16209, S2 16161, S3: 16090
Resistance: R1 35987, R2 36257, R3 16401

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