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Market Support and Resistance Analysis
Aug 28, 2024
Market Analysis
Key Points
The market showed support at 25,000 at 9:15 AM, due to the open interest (OI).
Resistance was seen at 25,500, due to volume.
The market is forming a range, and it's important where the volume provides an entry.
Support is clearly visible at 25,000 and resistance at 25,050 due to OI.
Market Trend
The market was bullish in the morning, but gradually moving towards bearish.
Currently, 74% has turned bearish.
The market seems stable for some time, and most movements are small and within a range.
Open Interest Analysis
No significant weakness was observed regarding the OI change at 25,050.
The volume of OI has increased, which suggests the possibility of the market remaining in a bullish trend.
Potential Trading Strategy
If resistance goes above 25,050, consider trading puts.
If support comes to 25,000, trading calls is possible.
Trading decisions should be made once the market reaches a certain level.
Changes in Volume and OI
Downside movement in volume was observed, but the volume remains stable.
OI change initially showed a decline but is now stabilizing.
Other Important Points
The market's condition remained stable until 11 AM, with resistance at 25,050.
Bullish trend signals were seen at 25,100.
Suggestions
Keep an eye on the small market movements and anticipate larger movements.
Continuously analyze changes in OI and volume to seize the right trading opportunities.
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