Strong support for Nifty seen at 17,850; Buy the dips, suggests chart

The options data indicates that the Nifty may look to hold on the 18,000-mark till expiry, given the high OI at the 18,000 Put.

The NSE Nifty 50 dipped below the 18,000-mark after more than a month, as persistent weakness in global markets coupled with concerns over the rising Covid-19 cases in neighbouring countries took its toll.

The NSE benchmark had registered a new summit at 18,887.60 on December 1, 2022. The index has declined nearly 5 per cent from its peak value in the following 16 trading sessions, with the selling more profound in the last three trading sessions.

During the course of the month, the NSE Nifty 50 dipped below its 20-DMA (Daily Moving Average) and the 50-DMA placed at 18,500 and