The market witnessed mild bouts of volatility due to weekly F&O expiry. Eventually, Sensex closed the day 114 points, or 0.37 percent, higher at 30,932.90 and the Nifty finished with a gain of 40 points, or 0.44 percent, at 9,106.25.
We believe that if the Nifty manages to sustain above 9,150 levels, then we may see a bounce towards 9,300-9,350 zone.
According to pivot charts, the key support level for Nifty is placed at 9,048.72, followed by 8,991.18. If the index moves up, key resistance levels to watch out for are 9,171.17 and 9,236.08.
Call option data
Maximum call OI of 23.22 lakh contracts was seen at 9,500 strikes, which will act as crucial resistance in the May series.
This is followed by 9,300, which holds 17.53 lakh contracts, and 9,200 strikes, which has accumulated 15.32 lakh contracts.
Significant call writing was seen at the 9,100, which added 5.18 lakh contracts, followed by 9,500 strikes that added 5.15 lakh contracts.
Call unwinding was witnessed at 9,000, which shed 92,625 contracts, followed by 8,800 strikes, which shed 49,575 contracts.