Nifty remained turbulent all day after today's flat beginning, but it eventually stabilised and ended flat forming doji candle on daily chart. 19600-19550 is the strong support for Nifty. Further correction can be expected only if Nifty closes below 19550 levels.
The market has traded flat with the Sensex gaining 0.02 percent and closed at 66023.69 and Nifty traded flat for intraday and closed at 19674.55 levels whereas Bank Nifty was up by 0.35 percent and settled at 44766.10.
Among sectors Nifty PSU Bank, Nifty Financial Services and Nifty Realty ended in green while Nifty IT, Nifty Auto and Nifty Pharma ended on the lower side. In Nifty stocks, Bajaj Finance, Bajaj Finserv and Tata Consumer Product were the top gainers while Hindalco, Hero MotoCorp and Infosys were the prime laggards.
INDIA VIX was positive by 2.25 percent intraday and settled at 10.90.
Index has a strong support around 19550-19600 zone. Coming to the Open Interest (OI) Data, on the call side, the highest OI observed at 19800 followed by 19900 strike prices while on the put side, the highest OI is at 19500 strike price. On the other hand, Bank Nifty has support at 44400-44200 while resistance is placed at 44900-45100 levels.
(With inputs from agencies)