As per analysts, the index maintains a near-term support zone at 19,600, while the near-term target on the upside is 20,000. The support for the day is seen at 19,550 levels, while the resistance is seen at 19,800 levels
Nifty continues its positive momentum and is expected to close above the 19,800 zone, improving the market s bias despite tensions in the Middle East and the start of the results season.
Sectors like pharma, IT and metals were the major laggards while banks (private and public) and auto saw a rebound. At 11 am, Sensex was up 120.30 points or 0.18% at 66,350.54, while Nifty was up 25 points or 0.13% at 19,767.30
The benchmark index Nifty50 continues to witness a slender range-bound movement. Nifty weekly contract has highest open interest at 19600 for Calls and Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts.
Nifty is witnessing sideways momentum with call writers dominant for the day. A decent pullback near previous day low around 19230 is expected by experts. Critical resistance area lies at 19300-19400 levels and closed above a decisive move past the 19400 levels would once again strengthen the trend and carry on the momentum to the upside.