F&O: Nifty50 shows potential to bounce to 10,929, 11,000 levels

Nifty50 opened negative on Friday and drifted towards the 10,650 mark in early trade but recovered sharply from lower levels to extend the gains to 10,860 level. The index remained highly volatile throughout the session and traded in a wide range of 225 points. It formed a Piercing Pattern on the daily scale and a bearish candle on the weekly chart. As long as it holds above the 10,750–10,780 zone, Nifty could witness a bounceback towards 10,929 and then 11,000 levels, while a hold below the same level may drag it towards its recent swing low of 10,637.

On the options front, maximum Put open interest was at 10,700 followed by 10,500 levels, while maximum Call OI was at 11,000 followed by 11,100 levels. There was Put writing at 10,600 level followed by 10,700 while Call writing was seen at 10,700 followed by 10,800 levels. Options data suggested a shift in the lower trading range between 10,650 and 11,000 levels.

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