Market Indices saw a steep fall yesterday due to weak global cues. Around afternoon Nasdaq & Dow futures saw around steep 1.5% decline from their highs which triggered a correction in Indian Markets.
We also saw put unwinding at 10,000 levels in Nifty 50 but 10000 remains a good psychological support.
Technical View On Nifty 50
Nifty has a strong resistance around 10330 and support at 10100 which was broken yesterday.
Support 10000-9050
Resistance 10160-10200
The current view on Nifty is sell on rise until 10330 is broken.
Nifty Open Interest
Nifty Call has the highest open interest at 10500, followed by 10300 & 10200.
Nifty Put has the highest open interest at 9800, followed by 10000 & 9900.
FIIs Position
Yesterday FIIs have created additional long position on Nifty, therefore, don’t expect heavy fall in indices. Traders can look for sell on rise opportunity.
Expiry range
Nifty should expire should be between 9800-10300.
Safe traders can play a range of 9700-10400.
Results Today
MGL, SRTransfin, CenturyTex are going to publish results today.