The Nifty Index struggled to hold above 14800 since the beginning of April. Testing 14800 thrice, A break below 14700 paved way towards 14300.
We've witnessed heavy put buying around 13500 on Friday last week. Once Nifty breaks below major support drawn in red on the weekly, the index would continue its downtrend. Nifty did form 'Doji' pattern last Month in March signalling a reversal and exhaustion of the bull run in the last few Months. Although the Index managed to make an all time high of approximately 15480. The level of 15000 & 14800 continues to be a call writing strike levels One can buy out of the money Puts And Sell at the money calls to gain on Theta / time decay. And also buy out of the money calls
The Month of May would be a continuation of the consolidation in the Index