By Sameet Chavan

Thursday’s trading session was a replica of the previous session as we first witnessed a gap down on the back of sluggish global cues and then despite some mid-session rebound, ended the session almost at day’s low. However, unlike Wednesday, the trading range was slightly bigger. Eventually, the Nifty 50 ended the weekly expiry on a negative note tad below the 17650 mark by shedding another a percent.

The only positive take away from the session was the resilience from the banking space. We did see sheer outperformance from this heavyweight basket ahead of the RBI policy; bodes well for the bulls. As far as levels are concerned, 37200 – 37000 seems to be a sacrosanct support in Bank Nifty and the moment we surpass 38000, we could see banking again taking the leadership. Also, a lot of midcaps continued to do well and despite some tail end profit booking in most of them, we still expect the action to continue in cash segment stocks. From the heavyweight basket, one can keep a close watch on Larsen & Toubro (LT), State Bank of India (SBI) and Coal India.

Taking a glance at the F&O data, the 17500 zone is expected to act as a strong support zone. On a net basis, a decrease in open interest was observed in Nifty, indicating a sign of long unwinding. Meanwhile, longs have been added to the Nifty Bank ahead of the RBI policy. Even the PCR-OI has reached the oversold region, which could be a positive sign for the Bulls. In the options segment, the pile-up is visible in 17500 Put strikes. While on the other end, 17700 & 17800 call strikes have seen some writing. Looking at the recent price action, some tentativeness could be sensed as the leadership is lacking from the sectoral front.

(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Tags: 上海楼凤一站式服务CK, 上海网友自荐区YU, 夜上海最新论坛社区LPN, 嫩模在线XV