The Nifty50 has once again felt pressure at higher levels and could not manage to hold gains above 9,900 levels. The index ended below its crucial support of 9,800 in Tuesday’s session as heavy call writing in 9900 and 9800 strikes were seen along with put unwinding in 9900 strikes.
We have seen the heavy addition of open interest at higher levels on the short side by FIIs since the inception of current expiry. This clearly indicates short buildup and discomfort in the market.
INDIAN NIFTY TIPS FREE TRADING TRIALS CALL ON 9644405056
We expect the market to remain weak in August expiry, as indicated by option open interest concentration. The Nifty50 has major OI concentration at 9,800 puts which got broken in Tuesday’s session.
We expect the market to remain under pressure going forward and can correct up to 9750 and 9700 levels on the back of further selling.
The Nifty50 has once again felt pressure at higher levels and could not manage to hold gains above 9,900 levels. The index ended below its crucial support of 9,800 in Tuesday’s session as heavy call writing in 9900 and 9800 strikes were seen along with put unwinding in 9900 strikes.
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