Market Update
Harsh Patel
Founder
Gift Nifty indicates negative start with loss of -49 points to 26086. USDINR set to open lower to 90.40, while Japan 10 Yr yield jumped to 1.92% is set to cross to 2% level in December.
Nifty Daily Chart
Support levels: 25850-25800
Resistance levels: 26000, 26100
Nifty fell to 25890 on the expected lines and rebound 100 points in last hour to close below 26000, market sentiment remain jittery ahead of RBI policy with free fall in USDINR to low 90.37, rejection from 26000 may result in another down move to channel support of 25850.
The downside risk increase in the market below 25840/25800 as it will be considered breakdown from "rising channel consolidation" to 25660 a 38% retracement level for the rally from 24500 to 26325. A breakdown will open doors for potential down side to 25300 level, though it is early to predict at this point.
OI concentration is seen majorly between 26000 Call and 25900 Put, with PCR of 0.68 suggesting bearish tone and range of 26000-25900.
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