Cues from F&O data: Despite holding a bearish view in the February series, data shows FIIs may have added few long positions in Nifty, MidCap Nifty futures; while added short positions in Bank Nifty.
On the downside, robust Put writing at the 49,000 strike (15.45 lakh contracts) indicates firm support, signifying that bulls are actively defending key levels. Despite the elevated volatility, the 'Max Pain' level at 49,700 suggests that sharp downside moves may remain contained unless key support levels are breached, which could trigger accelerated selling pressure. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C.
The 21-Day Simple Moving Average (DSMA) at 23,210 serves as an immediate hurdle and a decisive move above this level could trigger fresh bullish momentum. The Bank Nifty, on the other hand, has formed a 'Doji' candle, indicating uncertainty.
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