Despite strength in the IT’s stock, Index not able to hold the market. The Benchmark index Nifty opened positive but failed to hold the gains. Technically, below 11400 level, bear will have upper hand till 11236 levels. We have negative bias on the market.

Market Summary

 Last hour profit-booking erased all the intraday gains and the benchmark indices ended in the red. The BSE Sensex ended 0.14% lower to close at 38,365 while the NSE Nifty 50 ended 0.33% lower to close at 11,317. Only 13 out of the 50, Nifty stocks ended the session with gains. The India Volatility Index rose 4% to end at 22.87. Market breadth was in favor of sellers. Around 957 shares have advanced, 1695 shares declined, and 170 shares are unchanged.

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On the sectoral front, except IT, all other sectoral indices ended in the red. The IT index ended with gains of 1% and was the only sectoral gainer while Metals and Media stocks were the top losers in the previous session with their respective indices ending with declines of over 3% each. Other sectoral indices like Pharma, PSU Bank, and Realty fell between 1.5%-2% on the Tuesday trading session.

Nifty

The Nifty 50 witnessed a selling pressure above 11400 marks. Yet, the price is trading directionless. We need a strong candle to be decisive for the next step.Technically immediate resistance is at 11400; Bears needs to hold below 11400 levels to be in power. Below 11400, the bear may continue downside move for 11320-11230 levels, Else may test 11480-11450 on the upside.According to Open Interest Data, the maximum call open interest stand at 11500 and the maximum put at 11000 indicates a broad trading range for upcoming sessions.Valuation wise maximum Call & Put stand at 11400 & 11300 indicate crucial levels for index. PCR stands at 11200 indicates an immediate support level.

Bank Nifty :On the other hand, Bank nifty price ended flat to hold above 23000 and closed with a loss of 0.87 percent. The index Price has faced resistance at 23200 again. Below 22700 marks, The Index is likely to extend its selling pressure for downside targets of 22500-22100 levels.