The Nifty is consolidating in the band of 9,600-9,700. But, in recent consolidation, we have not seen any major addition and shedding of open interest. However, options players were active throughout consolidation phase as they sell both calls and puts simultaneously which indicates more consolidation to continue.
The maximum call open interest concentration is at 9,700 calls indicating strong resistance and support around 9,500 as put writers are holding put sell position of those levels.
Data indicates that some more consolidation going forward or minor dip to around 9550 levels. However, if we get any dip we should initiate a fresh long position with the support around 9,500 levels.
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