Market wide open interest is seen at Rs. 1,03,360. Nifty futures have seen
highest volumes in the current series. Market shed in open interest with a
negative basis indicates long closure.
n Nifty Jan turnaround is seen at 5220 levels. Sustain below the same will
indicate strength of sellers. We expect the index to take support at 5160-
5170 and bounce back to resume its uptrend. On the other hand breach
of the same will invite significant selling.
n Banking majors remain under pressure led by SBIN and ICICI Bank. Real
estate majors are expected to witness selling pressure from current
levels.
n Pharma stocks continue to trade with a positive bias led by BIOCON and
Ranbaxy. Immediate support for Ranbaxy is seen at 500 levels. Infosys has
major resistance at 2605 levels; failure to cross the same will invite selling
in the stock. TechM is expected to test 1100 levels in the near term.
n Nifty options OI concentration is seen at 5300 call and 5000 put options.
Significant OI is seen at 5000-5100-5200 put options. No closure in put
options despite of the fall indicates comfort of put writers.
