Bears clawed their way back on Wednesday as Indian equity markets closed in the red. Nifty hit a high of 10,847 buy profit booking dragged it close at 10,676,93 points lower. Call writing was seen at strikes of 10700,10800 10900 and 11000. Although 10600 will be stiff support but put writers were unwinding their positions at 10500 and 10400.
Bank Nifty closed at 22499 but during the day it crossed levels of 23000 but could not sustain at those levels. The nifty bank may move between the range of 22500 and 23000 as 23000 holds the highest OI in calls and 22500 inputs.