Market Outlook
After a gap down opening, nifty future fell down sharply towards 4900 levels and gave a small bounce towards the end of session up to 4965 levels. On option front, maximum Put OI is at 4700 followed by 4800 strike and fresh writing seen at 5000 strike while maximum Call OI is at 5200 followed by 5400 strike. If Nifty future sustains above 5000 levels then it may move up towards 5050-5100 levels. On downside if it fails to hold 4950 levels, then selling pressure may get intensified in the market towards 4900-4800 levels.
Derivatives Calls : Buy Cipla and Jain Irrigation
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