New Delhi: Indian benchmark indices were trading marginally lower amid volatility. Around noon, the Nifty was down 40.20 points, or 0.17 per cent, at 24,101.80.
According to experts, support for the Nifty is now seen at the 24,000 and 23,750-23,800 levels. On the higher side, immediate resistance for the Nifty is at the 24,175 level, with the next resistance at the 24,300 level.
At 12:48 hrs IST, the Sensex was down 120.20 points, or 0.15 per cent, at 79,355.99. About 1,677 shares advanced, 1,687 shares declined, and 90 shares remained unchanged.
Nifty
The Nifty continues to trade with a positive bias, with supports placed at 23,985 and 23,800. “An inside bar candlestick pattern has formed on the daily charts, indicating that a move above the previous day’s high of 24,174 or below the previous low of 23,985 will set up a trending move of another 100-150 points in that direction. Positional bias remains positive for 24,500,” said Avani Bhatt, VP of Derivative Research at JM Financial.
Bank Nifty
Pasi notes that the maximum OI on the put side is at 50,000, and on the call side, it is at 53,000. Combining both price action and OI, we assume the range will be between 52,000 and 53,000 for tomorrow’s expiry. “You may plan for non-directional strategies within the range of 52,000 and 53,000.
For the upcoming weeks, be ready for a sharp move, most likely to the lower side,” he added.
