Global markets look weak right now (8:35 Hrs India Time).
Nifty has scaled all time high already and if global trend gains momentum and Indian markets starts following it up today, the downside could be brutal.
On the upside, the resistance is seen at 17225 level and if it is surpassed, short covering would push the Nifty even higher.
On the lower side, 16680...
Tomorrow is Expiry weekly as well as monthly. Trade carefully
If market opens gap up then wait for price action to form. Take Ce position after Candle closing above 16710 ..15 min candlesticks is advised.
If market opens Flat ...best Senario wait till 16680 then take PE Stoploss should be of 16700. This is the best Senario for tomorrow.
If market opens Gap Down...
ATM Price as of today on 12th September is 27990, hence ATM call is 27800.
Premium of ATM call and Put are 255 and 273 respectively.
Hence, supports and resistances are calculated based on premiums addition and subtraction.
BN most likely to stay in above range.
Follow the above idea along with prices till next expiry.