IGI Logo

Below the Quote on Pre-market comment by Deven Mehata, Research Analyst, Choice Broking Ltd

Following today's flat to gap up opening, the Nifty has corrected and traded lower throughout the day, concluding the session above its support of 22250 at 22302.50 levels. For traders, the market is very volatile and hence traders can take contra trade with proper stop losses. Today Banks have also shown correction from higher side and have closed below its support of 48300.

The market has traded negative with the Sensex losing 0.52 percent and closed at 73511.85 and Nifty was down by 0.62 percent intraday and closed at 22302.50 levels whereas Bank Nifty was down by 1.25 percent and settled at 48285.35.

All the sectors except NIFTY FMCG and NIFTY IT ended on the lower side. In Nifty stocks, HUL, TECHM and BRITANNIA were the top gainers while BAJAJ AUTO, POWER GRID and ONGC were the prime laggards.

INDIA VIX was positive by 2.41 percent intraday and settled at 17.00.

Volume profile indicates Index has a strong support around 22225-22175 zone.  Coming to the OI Data, on the call side, the highest OI observed at 22500 followed by 22600 strike prices while on the put side, the highest OI is at 22000 strike prices. On the other hand, Bank nifty has support at 48000-47800 while resistance is placed at 49000 levels.

Above views are of the author and not of the website kindly read disclaimer