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The Nifty is still weak and if it continues down then the next logical target would be 9994 but the setup is such that a jab down is likely to bring in a violent bounce back. The crucial support for the Nifty is at 9994 and the resistance is at 10175-10270. Bank Nifty on the other hand has support at 25100 and resistance at 25400.
The Nifty lost 68.60 points to 10,118, taking the total loss to 372 points from its record high of 10,490.45 hit last week. The Nifty opened at 10,171.95 and rose marginally to 10,175.45. But, bears took control of D-Street and pushed the index below its 50-DEMA to hit an intraday low of 10,094. It closed 68 points lower at 10,118.
Significant Call writing was seen at 10200, 10300 and 10400 strikes while marginal Put writing is seen at 10200 and 10100 strikes. India VIX moved up by 0.74 percent at 14.27. VIX has spiked by 20 percent in the last two weeks and Nifty too corrected by around 400 points from 10490 to 10094 in the same period.
The Nifty50 futures on the Singapore Stock Exchange were trading 5 points higher at 10151 indicating a flat to positive opening for the domestic market.
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