Finnifty Intraday Analysis for 16th April 2024

CNXFINANCE

Maximum Call writing is at 21600 strike with 25.14 Lakh followed by 24.18 Lakh Call at 21500 Strike and 23.54 Lakh at 21300. Maximum Put writing is at 20.99 Lakh at 21000 strike followed by 17.03 Lakh Put writing to nearer strike at 20900. The support level is shifting down to 21000 - 20800.

Index may face resistance near 21330 - 21400 level and less likely to cross 21800 level due to Israel Iran tension.

If Index has support near 21000 - 20900 level. If 21000 - 20900 support is broken then index may tank to 20600 - 20500 level which is less likely on expiry day unless any bad news pop up due to war tension.

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Gap down opening made low near support and then bounced and closed around 21140 level and filled the gap created in the opening.