Nifty needs to hold 11,100 for further upside: CapitalVia Global Research

We can witness short-covering move along with the addition of fresh position only if the Nifty breaches 11,200 level.

The market traded with mixed sentiments on Wednesday and witnessed range bound movement ahead of RBI’s MPC meeting outcome due on Thursday; volatility index came lower by 1.29% which shows some relief to bulls as volatility is likely to come down. 

Nifty managed to close at 11,101.70 adding 6.40 points. Rupee remained weak and closed at 75.0100. Metal, Auto, and media sectors traded with positive sentiments whereas pharma and PSU banks sectors closed with marginal loss. Nifty Bank closed at 21,510 adding 19.50 points from the previous day’s closing.

As per weekly options data, a handful of put writing on lower strikes