Market Update
Harsh Patel
Founder
The Indian market opens flat, likely to consolidate between 26350 to 26130, weak market breadth remains a concern, while large caps doing heavy lifting.
Nifty is expected to trade sideways after a volatile start of the week, immediate support seen 26130, 26000, while 26300-26350 to act as resistance.
Global markets are now entering 'December Anomaly', historically it is observed to be a choppy month with low volume from FII/FPIs, while buying spree from DII(MF) may keep the market higher.
On a larger structure 25800 is pivot support for the bullish setup, as its previous highest monthly close and 25845 this week's low, breach of these level may nullify probability of further up move, while on the higher side there is potential for 26800-27500 which may need a concrete base and positive macro developments.
OI data shows Max OI in 26000 PUT & 26300 CALL, while highest OI addition seen in 26200 strike on both side, reinstating our sideways view for the market.
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