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Despite positive global cues market closed in the red for the fifth consecutive session on Monday, with the Nifty closing at 10,517 levels, down 80 points for the day.
The broader markets saw deeper cuts with BSE Midcap and Smallcap indices losing 1.64 percent and 2.2 percent, respectively. Market breadth was in favour of declines with a 1:4 advance-decline ratio on the NSE.
The Nifty has broken below its support level of 10,600 levels on the downside and formed another bearish candlestick for the day. Now, its next support is placed at 10,440-10,460 levels. Here the 50 percent retracement of the entire rise from 9,952 to 10,929 levels and 50-day moving average supports are seen.In Nifty options, maximum open interest in puts is seen at the strike price of 10,500, suggesting support around 10,500-10,450 from where a bounceback may be expected.
In call options, a significant amount of open interest addition was seen in 10,600, followed by 10,700 and 10,650 levels.
Now the previous support level of 10,600 will act as immediate resistance for the market. Beyond that, any bounceback is likely to be capped at 10,670-10,700 levels.
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