Rupak De, Senior Technical analyst at LKP Securities, said, "The bulls were able to protect the level of 19,600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy-on-dips strategy to favor the market. On the higher end, resistance is visible at 19,850; above this, the index might move towards 20,000."
While the selling in Adani Group companies and Vedanta was meant to raise cash to manage debt, HDFC Life and CIE India saw promoter entities offloading stake for strategic reasons.
Nifty formed a high wave type candle on Wednesday and made a higher high compared to the previous session. It could now stay in the 19320-19483 band for the near term and a breach on the upside could take the Nifty to 19558
A small negative candle was formed on the daily chart with a minor upper shadow. Technically, this indicates a range-bound movement in the market at the highs