Om Namashivaya :
Nifty's high is below yesterday close and has traded weak through out the day and shown downtrend most of the day. and it is not surprising as stated by me before we have clear resistance or supply zone in 7840-80. What we have seen is 7 crores selling by FII's and DII's were sellers of 405 crores. Worlds markets are trading very weak and especially US markets closed deep in Red with correction of nearly 2% and so picture is not looking good.
I stated before that 7840-80 is strong resistance or supply zone and it has acted as expected, but now key is how strong it is. For the day I stated below 7800 we could test 7780 and 7760 levels for the day, but it infact we are on the way to 7700 levels which is key level to look at. BankNifty is once again is weak link and may continue to behave this way before finding support, but key is holding 16500 levels.
Option data is indicating highest OI and also increase in OI, but % wise highest increase in 7900 calls and also in 8100 calls. 7500 puts continue to have highest OI, but there is decrease in OI in it. Option data is not indicating weakness, but global weakness is going weigh on it, but as of now I dont see it going below 7700 and if it holds I think we may see strength in Nifty again. Nifty has again gone below 20 MA which is bearish for very short term and continue to trade below 50,100 and 200 MA since last 2 weeks.
For the day world market are trading weak and we may open weak with some gap down and I feel 7700 will act as support and 7780 will act as resistance.
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