The Nifty index closed the day on a flat note on Wednesday after a volatile session. Consecutively, the index showed a volatile session for the third day in a row and closed at 10,443.20.
Technically, the index has formed strong resistance near 10,550 zone and we have seen a strong profit booking from the said levels. On the downside, 10400 has become a strong support as we witnessed Nifty bouncing back from those levels recently.
For now, we can expect the market to consolidate in the range 10,400-10,550 for the coming session and any breakout on either side which will decide the final direction for the markets.
On the options front, highest open interest (OI) shifted to 10300 PE which was previously at 10,000. Hence, 10300 would be the first strong support for January month and on the higher side, 11000 CE has the highest open interest followed by 10600 CE which will act as a strong immediate hurdle in January month.
Overall, it is a buy on the dip and a sell on rise market. Traders can use any dips to buy into quality stocks and every rise to initiate fresh selling position with keeping a stop loss above 10,600 levels.
We expect the market to trade in a consolidation phase for coming sessions and the range would be 10,400-10,550.
Missed call
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