Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
The broader markets displayed strength, with the BSE Midcap and BSE Smallcap indices gaining up to 0.9 percent. Additionally, India VIX rebounded by 0.78 percent after a sharp decline earlier in the day.
After a recent surge, the markets paused and ended slightly higher. Following an initial uptick, the Nifty traded within a narrow range and eventually settled at 22,402. On the daily chart, trading occurred within the range of 22,350 to 22,500. A breakout above the 22,500 level could potentially lead to further gains towards the 22,600 and 22,800 levels, while a retreat towards the 22,350-22,200 range might be seen as a buying opportunity. This range also aligns with key daily moving averages, likely attracting buying interest.
Analysis of Nifty Put options indicates a concentration of Open Interest (OI) at the 22,000 level, suggesting potential support for the ongoing expiry. On the Call side, significant OI concentrations are observed at the 22,500 and 22,700 levels, nearing all-time highs. Sustaining prices above these levels could propel the market towards the 22,800 strike prices, which might serve as resistance levels for the upcoming expiry.
Traders and investors are advised to consider buying opportunities during Nifty dips and to implement a suitable stop-loss strategy below the mentioned support levels.
Above views are of the author and not of the website kindly read disclaimer
