Despite experiencing volatility upon expiry, it is noteworthy that all the sectoral indices are currently displaying positive trading patterns. This positive trend can be attributed to the strong performance of the metal, realty, and information technology sectors.
As of 11:08 am, it is encouraging to observe that the Nifty has advanced by 155 points or 0.80 percent, reaching a value of 19,540.20. Similarly, the Bank Nifty has also demonstrated a commendable growth of 322.10 points or 0.72 percent, reaching a value of 44,961.55. This upward movement in both indices showcases the resilience and potential of the market.
Based on the available options data, it appears that put writers were the dominant players in the Nifty market. Overall, the trend remains positive, although the Nifty is currently experiencing a correction in terms of time. It is important to note that the crucial support zone lies between 19,400 and 19,500, while the resistance zone can be found between 19,650 and 19,700.
Until we witness a clear and decisive close beyond the boundaries of the range (19,300 – 19,550), it is anticipated that the consolidation phase will persist. During this consolidation period, it would be prudent to adopt a contrarian perspective when approaching the extremes of the range.
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