Stay updated with breaking news from Inside Bar. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The monthly options data indicated that 22,500 is the expected next key resistance for the Nifty 50 on the monthly expiry day, followed by 22,700, with support at the 22,300 level.
Positive setup was seen in stocks like DLF, Siemens, ABB, Apollo Tyre, Oberoi Realty, Abbot India, Hero MotoCorp, Trent, HPCL, Indigo, HDFC Life, Apollo Hospital, Sun Pharma, Bharti Airtel, L&T and Tata Motors.
“Below 21,725/72,000, the weak sentiment is likely to continue. Below the same, the market could retest the level of 21,500/71,100. Further down side may also continue, which could drag the index till 21,435/70,850,” said Shrikant Chouhan of Kotak Securities
Nifty on Thursday ended 141 points higher to form an Inside Bar candle on the daily chart.
Open Interest (OI) data showed the call side displayed the highest OI at the 49,000 level, closely followed by the 49,500 strike prices. Conversely, on the put side, the highest OI was observed at the 48,000 strike price.