Futures & options (F&O) traders On Thursday sold 3,300 strike put and 3,400 strike call options, pointing that they projected the Nifty to trade between 3,300 and 3,400 in the coming time.

A fresh writing of Nifty put or call options at certain strike prices hints support or resistance levels for the stock Index.

On Thursday, trading model in Nifty options also hinted that the index might not go up to 200-DMA (daily moving average) level of 3,443 as long traders reserved profit in 3,400-3,600 strike calls when the stock index was moving around 3,400 levels.

The traders went short in these 3,400-3,600 strike calls at the index level of 3,350.

But, the support for the Nifty is seen at 3,300 levels as the 3,300 strike put appended an open interest (OI) of 1.27 million via selling of put options.

Moreover, F&O traders were seen hedging their long positions via purchasing 3,400 put options that hinted that the index had a strong resistance above 3,400 levels.

The Nifty April futures appended an open interest (OI) of 2.50 million shares in the intraday trade in spite of a trading volume of 43.60 million shares, pointing that traders were booking profit at higher levels.

But, the April futures added up an open interest of 1.07 million shares towards the end of the day and marked closure at a premium of 12 points to the spot, showing fresh long build-up at junior levels.