Nifty : Cypher Formation

As we discussed in last week, 16800-17000 would act as good support and market pull backed from there and had gone to previous resistance level. Thereafter I observed the development of cypher formation, it suggesting one more pullback to 17200 level. I was quite sceptical yesterday because I couldn’t see the development of open interest on put side at support levels for this expiry if you see remaining 3 expiry after this, it imply support.