The market traded higher on Wednesday as the Nifty index continued to hold its momentum for second straight session on strong global cues. The index closed at 14,644.70 adding, 123.50 points. Technology, PSU banks and media stocks traded with positive sentiments whereas FMCG sector closed with a red mark with marginal loss. Nifty Bank closed at 32,543.70, adding 118.90 points from the previous day s closing. As per weekly option data, significant put writing on lower strikes, ranging from 14,500 to 14,600, is witnessed which shows that Nifty might take support in the zone of 14,500 as maximum put OI is placed here. We can witness profit booking only if Nifty breaks level of 14,500. Therefore, traders should try to create long position keeping close eye on 14,500.
Target:1,210 Stop loss: 1,050 Shriram Transport Finance has surpassed the hurdle of the previous swing high around 1,108 levels in Tuesday s trade. It has been consistently moving higher after testing the support zone of the short term moving average (50 EMA) on the daily chart. The recent buoyancy in the financial space is pointing towards the prevailing bias to continue ahead as well.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking Dear Reader,
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