
Markets pulled back amid profit booking after seven straight session of gains. Both Sensex and Nifty fell in trade after seven straight session of gains. The Nifty ended at 22,055, while Sensex fell 434 points to end at 72,623. The Nifty Midcap index fell over 1% on Wednesday amid across the board selling.
The overall outlook suggests short-term weakness or possible consolidation in the upcoming trading sessions, said analysts. For traders, Om Mehra of Samco Securities, believes that the RSI weakened, slipping from 63 to 58 levels. However the Index remains above its 20 SMA. Immediate support levels are identified at 21,900 and 21,850 levels with resistance positioned at 22,220.
F&O cues to watch today: The Foreign Institutional Investors net sold shares worth Rs 14,792 crore in Index Options on Wednesday, while they sold shares worth Rs 280.36 crore in stock futures on Wednesday.
Stocks in F&O ban today:
New in F&O ban
ASHOKLEY, PEL, PVRINOX
Out of F&O ban
SAIL
Already in F&O ban
BANDHANBNK, CANBK, HINDCOPPER, INDIACEM, INDUS TOWER, , ZEEL, NATIONALUM, BIOCON, BALRAMCHIN, GMRINFRA, GNFC, RBLBANK
“A series of support zones could be seen on an immediate basis, starting from the bullish gap of 21969-21953to the placement of 20 DEMA at 21850. On the flip side, strong resilience can be seen from 22150-22200, and an authoritative closure above the same could only provide thrust to propel the index higher for the 22350-22400 zone in the comparable period. Meanwhile, the high-beta and supportive index Bank Nifty needs to be watched closely for developments as its setup would certainly dictate the intermediate trend for the benchmark,” said Osho Krishnan of Angel One.