Buy or Sell | Here's why Bajaj Finserv is a sell despite 20% jump in OI

Market has come back to 11050 while major resistance of the Index is at 11150 and 11200. Market will face a tough challenge to cross this level. There may be some amount of weakness creeping in the market and profit booking could be witnessed at this level.

Unless market crosses this 11150-11200 resistance, long positions should not be taken.

In Bajaj Finserv, we have observed 20 percent increase in Open Interest from the previous series but some amount of bull trap is emerging. There is a 50 and 100 EMA resistance at this price, so one should sell with a stop loss at Rs 7650 and with a target of Rs 6500.