Global cues impacted market trend on Thursday. The Open Interest (OI) data oscillated from longs to writing. The fall of approximately 500 points on Nifty Bank ranging from 26,644 to the current intra-day levels of 26,160 along with gap down have hurt the trading psyche.
For today, as per intra-day chart, spot Nifty Bank has the resistance at 26,300 and 26,360. A sustainable move above 26,300 and decisive breakout above 26,360 will have an impact on Nifty Bank December current price of call (CE) 26,400. On the other side, 26,250 stays as support wherein reversal for today cannot be ruled out as buying was witnessed during morning hours.
On a near-term scale, the daily chart indicates pressure around 100-day exponential moving average (EMA) located at 26,500 and buying is likely to resume technically at the support level of 26,000. The overall view on Nifty Bank stays stable as the index is holding 200-day EMA on the daily chart.
The OI data suggests trading range to be in the range of 26,230 – 26,380