Market Outlook
After a gap up opening, Nifty future failed to hold 4900 levels and tumbled down sharply towards 4830 levels. On option front, maximum Put OI is now shifted to 4800 strike, which is likely to act as an immediate support for the market. Maximum Call OI is intact at 5000 strike, which would be the major hurdle for the market. If Nifty future sustains above 4900 levels then it may go up to 4950-4970 levels. On downside if it fails to hold 4800 levels, then selling pressure may get intensified in the market towards 4700 levels. If Nifty future fails to hold 4800 levels then hedge the position by buying 4700 strike put.
Derivatives Calls : Buy Bhartiartl and Hindunilvr
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