Options data also shows significant call writingat22,500while highest open interest of PE at 22,000 could provide some support for the market - Tradebulls Securities Pvt Ltd
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Nifty
Nifty saw marginal gain today after three consecutive negative closing. On daily chart, it is still below its 5 and 21-daymovingaverage suggesting bearish trend. Momentum oscillator RSI_14 is also confirming the trend as it is around 47, belowitsmeanaverage of 50. Next support emerges for Nifty around 22,200 and breach below that would open doors till 21,960 and21,800.Onthe higher side 22,500 continues to remain resistance and major hurdle. Options data also shows significant call writingat22,500while highest open interest of PE at 22,000 could provide some support for the market. Traders should look to cover theirshortpositions around 22,000 and any long positions should be exited below 22,200
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
