On a daily chart the darling has formed couple of Pin Bar Candlesticks and during last session it formed a doji Candlestick pattern. On a weekly chart bulls have been able to hold 50 Week Moving Average and two doji candlestick patterns are clearly visible. These candlestick formation on daily as well as weekly charts suggests that the Index is finding demand around 8160-8200 levels.
As per Options data 8000 PE is having highest OI whereas 8400 CE is having highest OI. Total OI at 8300 CE strike is 38.88 lac whereas 8300 PE Strike is 30.04 lac. So we can expect tough fight for 8300 in sessions ahead. VIX trading around its resistance zone of 20 mark and with major data out expect it to further cool down.
Traders can initiate long position around 8200-8160 levels with SL of 8100 expecting to book profit around 8280-8335. On the other hand short position can be initiated around 8350-8380 with SL of 8430 for possibility of booking profit around 8230-8200 mark.
