 "Nifty managed to close at 10,305.30, shedding 165.70 points, on Wednesday")
Market traded with sharp profit booking on higher levels of Wednesday, adding to selling pressure due to weak global cues. Nifty closed below 10,500 which shows losing grip in bulls. Nifty managed to close at 10,305.30, shedding 165.70 points. Reality, FMCG stocks closed on a positive note, but private banks, media and pharmaceutical stocks closed in the red zone. Nifty Bank closed at 21,426.80, slipping 838.10 points from the previous day’s closing.
As per monthly option data, handful of call writing on higher strikes ranging from 10,400 to 10,600 is seen which shows Nifty might witness resistance in subzone of
