Market Update
Gift Nifty indicates flat start to negative start, trading at 26200. USDINR set to open lower to 89.94, keeping market sentiment negative.
The Nifty made low of 26000 after facing selling pressure from 26150 on Tuesday, technically Nifty may test trend line support area of 25850 below 26000, ab bounce to 26100 may used as contra sell opportunity as weakening rupee keeps market nervous.
Choppiness in the market to continue ahead of Friday's monetary policy, our estimate suggest there is higher probability that RBI holds rate amid depreciating rupee and strong GDP data.
Short built-up in 26200-26500 Calls and 26000-25800 Puts, overall OI data is mildly bearish wit hPCR at 0.89.
Tradzo Research
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