Shitij Gandhi, Senior Technical Analyst, SMC Global Securities
Indian markets snapped two-day losing streak and recovered sharply in Tuesday's session on the back of firm global markets. Both the Sensex and the Nifty closed with handsome gains as buying momentum was seen in banking, metal and auto stocks ahead of the RBI meeting on interest rates.
On the derivatives front, short covering was seen by Call writers at 17,000 and 17,100 strikes. On the flip side, Put writers added hefty open interest at 17,000 strike.
On technical front, the Nifty has once again managed to close above its 100-day exponential moving average (17,152) on the daily charts after a sharp recovery from lower levels.