The Nifty index opened on a negative note, faced heavy selling pressure in the first half, but later witnessed recovery and finally settled on a flat to negative note at 23,045. The volatility index, India VIX, cooled off from 15.62 levels but still settled slightly higher by 0.16% at 14.90.
Technically speaking, Nifty has formed a double bottom pattern and a doji candle near crucial support levels on a daily scale. The 21-day Simple Moving Average (DSMA) is placed at 23,285, making the 23,280-23,000 zone a strong hurdle. On the downside, 22,780 will act as a key support level. As long as the index holds 22,780, a buy-on-dips strategy is advisable, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.
In the open interest (OI) data, the highest OI on the call side was observed at 23,300 and 23,400 strike prices, while on the put side, the highest OI was at 23,000 strike price followed by 22,800.
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