Derivatives cue suggest Nifty may reclaim 10K

Benchmark index, Nifty has managed to close above the important mark of 9,950 after witnessing a relatively stable trade on Tuesday. The 50-stock index is likely to reclaim the 10K level in the near term, believe market experts. 21-DMA of the index, 9,883 is an important level to watch out for in Wednesday’s trade.

Nifty50 index has strong resistance in the zone of 9,990-10,000 and if it sustains above these levels it may extend its upward rally up to levels of 10,080.

However, global market cues seem weak, mirroring slight possibility of the index to remain in consolidation mode. On the downside, important support for Nifty is seen around 9,900 and 9,860.

Nifty September future closed at a premium of 19 points as compared to a premium of 14 points in the previous trading session. On the options front, Nifty Sep 9900 PE has witnessed addition of 4.91 lakh shares in open interest and 9700 PE has maximum open interest of 46.34 lakh shares.

While Nifty Sep 10,000 CE has seen shedding of 2.95 lakh shares in open interest with maximum open interest in Nifty Sep 10,000 CE of 41.73 lakh shares. Also, 10,000 CE saw short covering positions signalling potential up-move of the index in the near term.
 

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