Markets witnessed profit booking at higher level; Nifty facing stiff resistance at 9,000
Market traded with negative sentiments in the second half of Wednesday’s session due to weaker global cues, which triggered selling pressure in broader indices. Nifty managed to close at 8,748.75, slashing 43.45 points. Pharma, Automobile and media sectors traded with positive sentiments whereas reality, technology sector closed in the red. Nifty bank closed at 18,946.50, down 173.25 points from the previous day’s closing.
As per the weekly option data, handful of call writing on higher strikes ranging from 8,800 to 9,200 is seen which shows that Nifty would face stiff resistance in sub 9,000 zone..8,000 will act as support as maximum put open interest (OI) is placed here. But the index is likely to face stiff resistance at 9,000 as maximum call OI is placed here. We can witness