Nifty (Spot): Nifty is trading range bound with a negative bias, where 17800 is acting as an immediate base; below this, there is a risk of selling pressure towards 17625 and 17425 levels.
On the upside, 18000 is an immediate psychological hurdle; above this, the 20-DMA of 18125 is the next critical hurdle. Only above this can we expect any strength in the market.
Bank nifty (Spot): Banknifty respected the 41700 support level, where 42500-42750 is an immediate and critical resistance zone; above this, we can expect a short-covering rally towards 43200/43500 levels.
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Today our inflation data is there and also US inflation data will come and the entire world knows that the 17795—17775 spot is major support and when all knows it has a chance to break also and if it breaks then Algo traders get active and we may see little panic selling because majority public stop loss will get hit.. so if you are playing buy-side trades in options do not trade naked till nifty does not go above 17975 spot levels play spread either its an index options or stock options
Nifty options update: 11.22 am Nifty CMP 17806 today clearly call writers showing domination and heavy call writing we are seeing in 17900 & 17850 calls of today's expiry, currently 17800 & 17750 & 17700 have 2.80cr OI standing, now if we break 17775 spot and trades below it this put writers come at a risk and they may start unwinding their shorts which put more intraday selling pressure on nifty, so understand the importance of 17775 spot here with co-relation of options data.
Stock Update
Reliance CMP 2480 if it gives today's close above the 2500 spot then from tomorrow it may come back in action again and will have to consider today's breakdown is another false breakdown let's see
Nifty is likely to close on expiry day near 17850 as management of the index is going on and option writers are eating both 17850 puts and 17850 call premium.
Check our accurate bank nifty option tips and Nifty option tips here.
Infosys' net profit rose 13.4% to ₹6,586 crore during Q3.
Revenue rose 20.2 per cent YoY to Rs 38,318 crore compared with Rs 31,867 crore in the year-ago quarter.
Infosys has revised upward its revenue guidance to 16 per cent-16.5 per cent.
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