Market update
Harsh Patel
Founder
Gift Nifty indicates mild negative opening, trades at 26328 (-30) points lower. 24140-25230 key levels to watch out, upside is capped with aggressive call writing.
Nifty Hourly Chart
The market witnessed profit booking from opening high of 26320, making intraday low of 26124, but recovered in last 30 mins to close 26184 on Monday, this has set the market tone for the week ahead of RBI policy to profit booking.
On the hourly chart a breach of 26140 may intensify profit booking up to 26000 level, while 25850 level remains key support, while 26250-26300 level may face resistance.
Aggressive short built-up in 26200-26300 Calls with increase in OI 4-5 times higher than Puts, with Max OI in 263000 on the Call side and 26000 on the Puts, suggests negative bias for the expiry.
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