Immediate support for Bank Nifty at 29,600-29,650.
Nifty witnessed some profit booking in last two trading sessions. Support for Nifty is at 11550 and if that breaks then we can understand the next leg of downside.
There are can be some stability only if Nifty manages to respect 11,550. Rising volatility with falling Put-Call ratio indicates that Put writers are unwinding their positions and Call writers are comfortable to ride the higher strike.Immediate support for Bank Nifty at 29,600-29,650. Short term weakness can be there in the market if 11,550 for Nifty and 29,600 for Bank Nifty is broken, says Chandan Taparia, Derivatives & Technical Analyst at Motilal Oswal.