Market News
2 min read | Updated on March 19, 2024, 17:52 IST
SUMMARY
Based on options data, fresh open interest at call option strikes of 22,000 and 22,200 indicates immediate resistance for the NIFTY50. On the other hand, the put writers have a base at the 21,500 strike, which will act as immediate support.
Benchmark indices slip over one percent each, NIFTY50 below 21,900 level.
Markets slipped over one percent on Tuesday, dragged down by technology heavyweights like TCS and Infosys which fell over 4% and 2%, respectively. The NIFTY 50 slipped below its 50-day moving average (DMA) to close at 21,817, down 1%. The SENSEX also lost 1% to close at 72,012.
Broader markets continued their downward spiral, with the NIFTY Midcap 100 and Smallcap 100 both down over 1%.
All major sectoral indices closed in the red amid broad-based selling. IT stocks were the worst hit, falling nearly 3%, followed by Pharma and FMCG, both down over 2%.
After holding firm for four months, the NIFTY50 finally succumbed to selling pressure and closed below its key 50-DMA and also below its swing low of 21,860. This is in line with our morning analysis, which highlighted the lack of follow-through price action since January. The experts now see support at 21,500, with immediate resistance at the 20-DMA at 22,200. This creates a crucial zone to watch for further directional cues.
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