The Nifty is expected to remain range-bound between 10,700 and 10,950, with stock-specific action.
The market has been trading flat over the last two sessions. Banking stocks, especially those of PSU banks have been supporting the market, said Shitij Gandhi, SMC Global Securities. Bank Nifty is likely to outperform the index in coming sessions. The Nifty index option is adding open interest (OI) in 10,700 and 10,500 put writes, which reflects limited downside in markets.
The Nifty is holding above its 200 EMA on daily charts but on the higher side, 11,000 call writes is still holding with maximum open interest with more than 38 lakh shares, which will act as stiff resistance.
We are expecting range bound move in Nifty between 10,700-10,950 with stock specific action, said Gandhi.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.