The Nifty level of 3,150, which witnessed strong resistance during March 2009, is likely to act as a strong support level now as options traders were seen writing strike puts at 3,100-3,200.

In actual fact, call options traders anticipate the Nifty to go up further in today’s trading session and close above 3,250 levels, as is clear from their buying 3,300-3,500 strike calls on hopes that the existing thrust is expected to continue in the coming time.

According to the facts, the Nifty is poised to close above 3,234, which is a 161.8% Fibonacci retracement of its recent decline from 2,970 to 2,543.

The past trading range recommends that the Nifty can go beyond its 200-day moving average of 3,455 and, afterward, it can aim 3,661 levels that is a 261.8% Fibonacci retracement level.

Dealers were also seen slowing down short positions at 3,100 and 3,200 calls, showing fresh support levels for the Nifty.

The 3,300-3,500 call options added an open interest (OI) of 1.58 million shares that hints that traders anticipate the index to rise further.

On Thursday (April 02), the Nifty April futures saw a short covering of approximately 3 million shares during intraday at around 3,200 levels. The futures that ended at a premium of 11 points to spot, has included an OI of 1.47 million shares at the closing time, pointing a fresh long build-up.

The Nifty May futures also saw an intraday short covering and fresh long through the addition of 154,600 shares in OI on a trading volume of 5.91 million shares.