Market Update
Harsh Patel
Founder
Gift Nifty indicates flat start ahead of MPC Rate decision, Nifty range seen between 26100-25900. Rupee recovered to 89.853 from low of 90.437.
Nifty Hourly Chart
Support levels: 25900, 25850 Resistance levels: 26100, 26150
Nifty rebound to 26100 in early trade on Thursday, and traded range bound between 26050-25950, on charts a directional move can be seen breach of 26100 or 25900 post RBI policy.
The downside risk increases below "channel support" of 25900 to 25660 a 38% retracement level for the rally from 24500 to 26325.
OI concentration is seen majorly between 26000 Put and 26100 Call, PCR changed to 0.94 from 0.68 suggesting neutral tone and range of 26100-25900.
Max Oi seen in 26500 Call, however overall OI activity is not significant and suggesting slightly negative to range bound activity.
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