Mumbai: The Stock Market was down on Tuesday. The BSE Sensex dropped 671.71 points to 73,434.86 in early trade. The NSE Nifty plunged 183.75 points to 22,784.50.
IIFL Securities’ projections for Nifty:
Nifty support 22790
22560
22480
Upper resistance 23030
23170
Nifty Put/Call Ratio increased from 1.09 to 1.22 level.
On option front, Maximum Call OI is at 23500 then 23000 strike while Maximum Put OI is at 22500 then 22700 strike. Call writing is seen at 23500 then 23200 strike while Put writing is seen at 22500 then 22800 strike.
Option data suggests a broader trading range in between 22500 to 23500 zones while an immediate range between 22700 to 23200 levels.
For Monthly Bank Nifty, Maximum Put OI is at 51000 and then 50000 strike and maximum Call OI is placed at 51000 then 52000 strike. We have seen Call writing at 50000 strike while Put writing is witnessed at 50000 strike.
Bank Nifty (CMP 52609)
Data setup for Bank Nifty suggests a trading range in between 52000 to 53250.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds)