Market Update
Harsh Patel
Founder
The Indian markets started on muted note after Monday's sharp fall in last hour to 25912, technical support is seen at 25890 which is coincidently 38% level (25892) for the recent rally from 25318.
The market is slightly in the oversold zone on the micro-structure, on the stocks front metals are most oversold and may bounce in Intraday, Reliance is seeing 2nd target upgrade while other OMCs were downgraded to sell after JPM's note on crude oil sliding to $30/bbl by 2027.
Bullish structure is intact in the market based on weekly chart, On the higher side 26050 may act as immediate resistance. However current move has open door for further correction to 25800 levels if nifty fails to cross 26050 level decisively.
- Max pain 26000, PCR improved from 0.67 to 0.77
- Max OI seen in 26100/26100 CALLS & 25900 PUT
- OI change indicates aggressive option writing in PUTs below 25950 today followed by call writing in 26000 and above calls.
Overall range is seen between 26050-25900 for today.
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