Today market opened little bit high but it could not sustain and all rise sold off. It attempt to cross 17000 psychological mark but failed due to profit booking. It wiped off all gain and settled down with moderate loss on expiry day.. Ultimately bear took control and all sell off ahead of RBI meeting scheduled tomorrow. Due to weaknesses in rupee and to check inflation 50 basis rise is expected. If it has been hiked more, it will have adverse effect on market growth. All were cautious ahead of RBI meet. Today nifty chart formed a bearish candle.
16750-16800 is likely to be a support zone. On upper side, 17000 - 200 can be a resistance, if it sustain above this level, 17500 can be a next stop.
Auto, banking, IT sectors dragged the market down. Unntill 16800 sustains it can rallied to 17200 & breaks 16800 then, 16600 could be test level.
Looking to option chain, max open interest seen at 17000 followed by 17500..today 17000 call option might have been squared up as nifty crossed 17k mark once. Put options seen at 16500- 16000..so range would be 16500- 17200...
So far bnf is concern, 37750 - 38200 would be probable range..
All eyes on RBI meeting... picture will be clear tomorrow... Let's hope for better.
Signing off for the day 💐