Pre-market comment by Deven Mehata, Choice Broking Ltd
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The charts indicate that the Nifty may get support at 19,400, followed by 19,350 and 19,300. If the index advances, 19,500 would be the initial key resistance level to watch out for, followed by 19,535 and 19,575.
Foreign institutional investors (FII) bought shares worth Rs 487.94 crore, while domestic institutional investors (DII) purchased Rs 2,294.93 crore worth of stocks on September 1, provisional data from the National Stock Exchange (NSE) showed.
Since it’s the beginning of the new series, Option data is scattered at various far strikes in monthly series. On a weekly front, Maximum Call OI is at 19600 then 19500 strikes while Maximum Put OI is at 19300 then 19400 strikes. Call writing is seen at 19600 then 19750 strike while Put writing is seen at 19300 then 19350 strike. Market is currently trading in a range of 19250-19650. On the higher side we can expect some profit booking which is also indicated in the options data.
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