The Nifty opened positive and continued upwards to 10,774, on the back of positive momentum. Recently, it has given a consolidation breakout at 10,650, and has extended its gains by more than 120 points in the last two trading sessions, said Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Securities.
We have witnessed a positive momentum in select counters. The jump in the Put/Call ratio indicates an extended upmove. Now, the Nifty has to hold above 10,650 to move towards 10,850-10,880, he said.
Bank Nifty, despite being range-bound, has given a consolidation breakout. It needs to hold above 26,100 to move towards 26,500-26,750. On the downside, it has support near 25,750-25,800, Taparia said.
We have seen Put writing activity at 10,600, 10,700 that is likely to hold the market, he said. As of now, the option belt signifies a broader trading range of 10600-10850, he added
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