Despite the markets showing a sharp surge,.....

Despite the markets showing a sharp surge, the pullback can be deceptive as it has come on the back of heavy short-covering as evident from the F&O data. Large call writing was seen at 11950 and 12000 strikes; the 12000 strike holds maximum Call OI followed by 12250. The level of 11800 has highest Put OI. The declined further as the INDIAVIX cooled off further by 2.43% to 20.2100. Given the weekly options expiry on Thursday, the behavior of the markets against the levels of 12000 would be crucial to watch.
Thursday is likely to see the levels of 12000 and 12065 acting as resistance points. The supports come in at 11910 and 11850 levels.

for detailed market forecast for Thrusday 15th oct 2020
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