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The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn.
At its lowest point, the Nifty dropped just below 21,100 before recovering to close above that level.
Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21,500, while support is anticipated at 21,100.
Views by: Rupak De, Senior Technical Analyst at LKP Securities
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