Nifty has an immediate support placed at 17440 and on a decisive close below expect a fall to 17350-17250 levels - Nirmal Bang
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Market Review
* Indian markets closed on a flat note where buying was mainly seen in Banking, Finance, FMCG sectors. Nifty Sep Future closed at 17562.70 (down 29.65 points) at a premium of 23.30 pts to spot.
* FIIs were net sellers in Cash to the tune of 8.79 Cr and were net sellers in index futures to the tune of 2065.38 Cr.
* India VIX decreased by 1.62% to close at 19.55 touching an intraday high of 20.14
Nifty Technical Outlook
* The above second chart shows previous trading day’s change in Nifty options where Liquidation in OI were seen in 17500, 17400m 17300, 17200 strike Puts and at 17600, 17700, 17800, 18000 strike Calls indicating market is likely to remain range bound in the near term.
* Highest OI build-up is seen at 18000 strike Calls and 17000 strike Puts, to the tune of 8.82mn and 9.67mn respectively
Action: Nifty has an immediate support placed at 17440 and on a decisive close below expect a fall to 17350-17250 levels.
Bank Nifty
* Index is likely to open on a negative note today and is likely to remain range-bound during the day
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