Market Outlook
After a gap down opening, nifty future moved up towards 5040 levels but was unable to hold those levels and fell down sharply to 4900 levels. On option front, maximum Put OI is at 4700 followed by 4800 strike while maximum Call OI is at 5200 followed by 5000 strike. If Nifty future sustains above 4950 levels then it may move up towards 5020-5050 levels. On downside if it fails to hold 4900 levels, then selling pressure may get intensified in the market towards 4850-4800 levels.
Derivatives Calls : Buy Cairn and Sell Jswsteel
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