Market Update
Nifty has made lower top on line chart after intraday high of 26344 last week, which was also lower top, crucial support area of 25500-25400.
Support levels: 25490 Resistance levels: 25900
Nifty fails to keep up the US trade deal optimism as global macros as AI fuel is seems to be getting over as funding dries and Gold/silver crash leads to panic liquidation and margin shortfall for commodities traders on a large scale, which is forcing liquidation in equities and other asset classes now.
Technically, 25490-25400 is key support area, below same selling the market may intensify to levels of 24900-24800. IT looks weak as AI disruption become reality.
Max OI seen in 26000 Call & 25500 Put, aggressive short-buildup in calls from 25600-26000 , suggest bearish sentiment.
While the Bullish view on charts few days back is no longer Bullish, as we warned of current Macro-economic situation warranting caution and to reduce weak long positions on bounce. The equity market may crash even when India moves towards transforming into Golden Sparrow.
Tradzo Research
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