By Shivangi Sarda

The Nifty 50 index opened positive on Wednesday and a sharp recovery was seen towards 16400 zones led by a short-covering move. It turned from its oversold territory and closed with gains of around 330 points. Nifty formed a Bullish candle on the daily scale and negated its lower lows formation of the last four sessions.

Bank Nifty opened positive and inched towards 34000 zones during the day. Heavyweight counters drove the Banking index and it closed with gains of around 660 points. It formed a Bullish candle on daily scale and negated its lower lows formation of the last six trading sessions.

For weekly Bank Nifty, Maximum Put OI is at 32000 then 31000 strike and maximum Call OI is placed at 36000 then 35000 strike. We have seen Call writing in 35500 with significant unwinding at 38000 while Put writing is witnessed at 33500 strike. Now it has to hold above 33500 zones, for an up move towards 34250 and 34500 zones whereas support can be seen at 33500 and 33333 zones.

On the sectoral front, apart from metal counters, all other sectors traded in the positive territory out of which Media, Realty, Auto and Banking stocks are showing the most strength. Now Nifty has to hold above 16350 zones, for an up move towards 16666 and 16800 zones whereas support exists at 16161 and 15950 zones. Nifty and Bank Nifty witnessed short-covering move to higher zones. Traders are advised to apply buy on decline strategy and be with stock specific action in Cumminsind, Indhotel, Trent, Reliance, Concor, BEL, ABFRL, Muthootfin, IEX, Adani Ports, Mindtree, Adaniet, Federal Bank, Titan, Techm, Jindal Steel, Colpal, Infy, Cipla, Sun Pharma, Auropharma.

(Shivangi Sarda is an Analyst – Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)

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