Market Update
Harsh Patel
Founder
Nifty faces rejection at 26200, as pressure mounts from selling in small & mid caps as market digests RBI cuts and priced Fed rate cut this week. USDINR climbs to 90.32 from Friday's low of 89.70.
Nifty Daily Chart
Support levels: 25950-25850 Resistance levels: 26100, 26200
The selling in the boarder market intensifies with Nifty Midcap & Nifty Smallcap down by -1.42% & -2.2%, this likely to keep upside capped for Nifty to 26150.
Nifty is trading over psychological support of 26000, trendline support is seen at 25950 followed by recent swing low of 25844, breaking below 25800 may open doors for 25200 levels.
Interest rate hike by BOJ in coming week remains a key risk factor, which may result into increasing selling pressure form FII/FPI as carry trade unwinds and equity markets sees flight of capital, which is also evident with rupee sliding, USDINR may cross 91 mark in coming days.
OI data suggests aggressive call writing activity with OI addition of 12 Cr among 26300-26000 calls with PCR falling to 0.55 from 1.2,
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