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The Nifty50 touched the strong support levels of 10,100 on Wednesday’s session due to heavy selling pressure but managed to give a quick bounce from the same.
The Nifty closed in red for the seventh consecutive session in a row. We have seen strong profit booking and selling pressure in the index from its strong resistance of 10500 levels.
On the intraday charts, the index has already reached its oversold zone, so we may expect a little pullback in an index but the short-term trend is still negative.
The Nifty bank has not seen much of correction compared to Nifty and took a halt above its previous breakout level of 25200 on Wednesday session.
Investors’ need to watch these levels carefully and any bounce from these levels will take Nifty Bank towards fresh highs.
On the derivative front, highest open interest shifted to 10500 CE which is previously at 10,000 PE followed by 10400 CE and on downside side 10200 PE have highest open interest followed 10000 PE so will act as support as of now in Nov series.
We have witnessed strong call unwinding and fresh short built up in the index as results index touched 10100 levels.
We recommend investors to keep a more stock specific approach rather than focusing too much on the index.
We recommend investors to use every rise in the market as shorting opportunity until trading below 10230. Strength in the index will be back once it will start sustaining above 10230 levels.
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