After opening flat note selling pressure was witnessed there in the market on Tuesday. ONGC witnessed a smart uptick as crude prices hit a two and a half year high, while all the oil marketing companies ended in the red. HDFC Bank was the major contributor to the losses in Nifty and BankNifty. Nifty Futures and Bank Nifty Futures ended the day 0.8%/1.1% lower and added fresh open interest to the tune of ~5.2/3 lakh shares, indicating a marginal hint of short positions. The Realty, FMCG and Banking stocks were the top losers. Even the midcap and smallcap stocks were not spared.
The current scenario indicates that Nifty has still not come out of the woods and continues to remain stuck in the lower top lower bottom structure on the daily chart, which it has entered into recently. For the structure to reverse, Nifty has to convincingly surpass the 10400 and close above the same. Untill then the 10235 and the 10175 will be retested in the coming days.
Resistance: 10335, 10400
Support: 10200, 10150
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