The Nifty50 index opened in the positive territory and formed a strong bullish candle on daily chart as it took support at its 13 DEMA and headed towards the 9,100 mark.
In the process, the index has negated its formation of lower highs and lower lows of the previous three sessions.
If the index now holds above the 9,075 level, it could extend the momentum towards the 9,160 level while on the downside supports are seen at strike prices 9,050 and 9,020
On the options front, maximum Put open interest is seen at strike price 8,800 followed by 8,900 while maximum Call open interest stood at strike price 9,200 followed by 9,100.
We have seen significant Put writing at strike prices 9,000, 9,100, 9,050 and 8,950, which is likely to support the index while unwinding in the Call options of strike prices 9,000 and 9,100 has created scope for the Nifty50 to see further upside towards its recent lifetime high at the 9,218 level.
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