It was a sea of green in the whole of Asia,Nikkei, Hangseng and the Shanghai Composite all ending higher. The Indian equity markets joined the party with Nifty and Bank Nifty gaining 1.47% and 1.59% respectively. Nifty closed at 10763.65 up 156 points it hit high of 10,811 but witnessed profit booking at these levels.
Derivatives data suggests 10,800 will be a hurdle as it holds around 27 lakh shares and any sustainable move above these levels will take the index closer to the psychological level of 11000 which holds the highest OI of around 31 lakh shares. 10600 and 10500 hold 29lakh shares which will act as strong support.
The bank Nifty touched highs of 22399 but is not able to sustain at these levels as profit-booking takes over. The nifty bank needs to cross 22500 decisively as it holds the OI of 7,45.00. After 22500 the next level is 23000 without any major resistance. Buy on Dips with Monday’s lows as support on both indices.