Indian equity markets may witness a gap-up opening on Wednesday, following positive sentiments prevailing in the Asian markets.
Nifty50 index has wiped out almost the entire gains made in the previous three trading sessions on Tuesday.
Nifty50 index has wiped out almost the entire gains made in the previous three trading sessions on Tuesday.
Going forward, Nifty50 has major support placed around the levels of
9,740-9,750, and if Nifty sustains below these levels, fresh selling
pressure could drag the index up to the level of 9,685. On the way up,
the level of 9,850-9,860 may act as a stiff resistance level.
Nifty August futures ended at a premium of 3 points on Tuesday. It had
ended at a premium of 4 points in the previous trading session.
As the expiry of August derivative contracts is nearing, traders have
started to rollover their positions. Nifty rollover for Tuesday’s
trading session stood at 27% and Bank Nifty rollover was at 30%.
On Nifty50 options contracts front, August series maximum open interest was concentrated at 9,800 put and 9,900 call. In case of September series options contracts, maximum open interest stood at 9,500 put and 10,000 call. More open positions were added in the August series 9,800, 9,850, 9,900 call strikes. 9,800 and 9,900 August put strikes witnessed unwinding..
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