Market Update
Harsh Patel
Founder
Nifty set to open at 25400, know why selling may intensify below 25370 and what is triggering the fall after bouncing in the 1st half of this week.
Nifty Daily Chart
Support levels: 25400, 25000 Resistance levels: 25600
Nifty opened higher to 25885, but failed to hold on to gains, triggering further selling in the market below 25650 to low of 25388 in last minutes of trade.
This suggests time based correction is over and market may resume down trend, 25370 is key anchor and below same selling may intensify to 25000-24900 level.
OI data show drastic shift from option writing in 25700/25800 Put at the start of the day to aggressive Call writing in 25800-25600 Calls, Put writers have shifted to 25000 Put for 24 Feb expiry, suggesting clear bearish sentiment in option positions.
Tradzo maintains cautious view due to global macro-economic scenarios and to reduce weak long positions due to higher valuation and slowing earnings growth.
Tradzo Research
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