Market Update
Nifty breaks crucial support 25500-25400 with morning low of 25372, however is now trades between the 25400-25000. Will it break opening low?
Support levels: 25400 Resistance levels: 25600
Nifty’s close below 25490 on Friday has marked reversal on daily chart, suggesting range-bound market between 24900-25600, with negative bias, below today’s low support is seen 25200, followed by 24900.
Till the range of 25400-25600 is not breached except sideways activity with sell on rise sentiment in the market.
Max OI seen in 25600 Call & 25500-25400 Put, OI analysis suggest range bound market.
Tradzo maintains cautious view due to global macro-economic scenarios and to reduce weak long positions due to higher valuation and slowing earnings growth.
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