Indian equity benchmarks BSE Sensex and NSE Nifty50 are likely to start Thursday's session sharply lower. Nifty needs to hold 15,950 somewhere around what the SGX Nifty is indicating. Because if Nifty gives up that then there's no support for the Nifty all the way up to 15,800 straight away.
Indian equity benchmarks BSE Sensex and NSE Nifty50 are likely to start Thursday's session sharply lower amid a global sell-off as concerns resurfaced about rising inflation and its impact on world economic growth.
Today is weekly expiry, the market may give up a lot of Tuesday's gains, bulk of Tuesday's gains may be given up. Last week for three days, the Nifty took support at 15,735-15,740 now that is the marker. That is something to keep an eye on.
The first hour on Thursday will be about the pain in the Put writers. Yesterday, the Nifty was very close to 16,200. So the first hour is about the pain for the 16,200 Put writers. After that, the levels to watch are 16,000-15,800 because the Indian market off late has been driven purely by the options data and in that one has to look at where the support is.
Nifty needs to hold 15,950 somewhere around what the SGX Nifty is indicating. Because if Nifty gives up that then there's no support for the Nifty all the way up to 15,800 straight away.
The larger point though, this is a market in which when the market is charitable and gives you a rally, you have to exit the leverage positions and perhaps raise cash levels and get into maybe better quality stocks.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details
First Published: May 19, 2022 8:56 AM IST
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