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Nifty's short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines.
Analysis of Nifty Put options indicates a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support. On the Call side, significant OI concentrations are observed at the 22,900 and 23,000 levels, nearing all-time highs.
A total of 3,578 shares changed hands on the counter till 10:20AM (IST)
The Nifty Pharma index closed 0.96 per cent down at 18463.75.
The psychological mark of 22,000 holds intermediate support, followed by strong support of the 21,800-21,700 subzone. On the higher end, the 20-DEMA placed at 22,300, followed by a bearish gap of 22,430-22,500, is likely to act as a daunting task in the near period and an authoritative breakthrough could only re-strengthen the lost momentum to the bulls of D-Street, said Osho Krishan of Angel One.