Nifty has now moved into the 24,010–24,120 range, exactly around the support zone I had highlighted.
I had boldly mentioned that 23,950–24,000 was a very strong support zone, based on both technical analysis and Option Chain OI data.
This is why I always say — when you read the data correctly, your confidence in the index setup automatically improves.
Now, 24,000 has become an even stronger support level. Breaking this zone may be difficult as Put Writing is heavily active here.
At 24,000, total Put OI is around 8.58 lakh contracts, with approximately 6.99 lakh contracts added today — potentially creating a major support zone.
On the upside, heavy Call Writing is visible at:
• 24,100 → ~3.98 lakh Call OI
• 24,200 → ~4.19 lakh Call OI
That’s exactly why I’m saying 24,220–24,240 is the key breakout zone.
If you bought near 24,000–24,010, consider booking partial profits around 24,160 — that’s already roughly a 150–160 point move.
For a fresh entry, I would wait for Nifty to break and sustain above 24,220–24,240.
24,000 = Strong Support | 24,220–24,240 = Fresh Breakout Zone