The inability of bulls to witness any sustainable upside bounce from here could eventually result in a decisive downside breakout of the present range movement
Coming to the OI Data, on the call side, the highest OI was observed at 19,800 followed by 19,900 strike prices, while on the put side, the highest OI was at 19,500 strike price. On the other hand, Bank Niftys support was at 44,400-44,200, while resistance was placed at 44,900-45,100 levels.
The short-term trend of Nifty continues to be weak. Having placed near the crucial lower supports, there is a possibility of minor upside bounce from near 19550 levels by next week. The anticipated upside bounce could be short-lived and the market
The next important support to be watched is around 19,550 levels, which is a weekly 10-period EMA. Minor upside bounce is to be expected from the supports, but the said bounce could be a sell-on-rise opportunity, said Nagaraj Shetti of HDFC Securities.
Having moved below the immediate support of the 10-day EMA at 19,940 levels now, the market is expected to slide down to the lower 20-day EMA around 19,780 levels in the coming sessions, according to analysts.