The Nifty Put-Call Ratio nearing elevated levels and the recovery in HDFC Bank and Reliance Industries getting sold into also contributed to the reversal from the highs. 24,250 – 24,150 is emerging as a support cluster for the index.
In fact, the index even closed below last Friday’s high of 24,371. The other important aspect that the bulls will not like is the rise in the India VIX even when the market was near the highs of the day.
The Nifty Put-Call Ratio nearing elevated levels and the recovery in HDFC Bank and Reliance Industries getting sold into also contributed to the reversal from the highs. 24,250 – 24,150 is emerging as a support cluster for the index.
For the Nifty Bank, 57,000 on the upside holds the key, while 56,000 on the downside will need to be protected. Companies such as HCLTech, Nestle India, Persistent Systems, Tata Elxsi report results today, while PNB Housing, NELCO and others will react to results. Also keep an eye on Vedanta.
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