The Nifty50 consolidated in a range of 10,700-10,800 as bulls and bears both tried to take control over the market which in turn added intraday volatility.
As we are moving towards expiry of June series future and options contract, the range of 10,700-10,800 will remain crucial as Put writers are holding and actively adding Open Interest (OI) in 10,700 strikes while call writers at 10,800 strikes are keeping the gains under check.
Going forward, we believe that any decisive break and closing in Nifty index whether above 10,800 or below 10,700 will gauge further direction in the price movement.
Read more--Stocks update
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