The Futures Open Interest (OI) in the Nifty indicated a buildup of fresh short positions in index futures. Call writers were seen offloading their positions at the 19,800 strike, leading to a strong down in Nifty today. A double-top structure around the 19,850 levels is visible on the daily chart. A breakdown below the previous swing low of 19,635 can intensify the selling pressure, which can take the index to 19,480 levels, said Ashwin Ramani, Derivatives and Technical Analyst, SAMCO Securities.
Indian equity indices declined on Wednesday as Bajaj Finance led a slide in financials after disappointing results and due to nagging concerns over elevated oil prices and US interest rates as well as the Middle East conflict.
INDIA VIX dip below 12 signifies a potential subsiding of market volatility. Amidst this backdrop, investors are encouraged to exercise prudence, weighing the benefits of profit booking while considering the promising prospect of entering the market for the long haul
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