As per weekly option data, handful of put writing on lower strikes ranging from 10,400 to 10,600 is seen which shows Nifty might witness support in subzone of 10,500. The level might also act as support as maximum put OI is placed here after 10,000. But Nifty likely to take resistance at 10,600 as maximum call OI stands here after 11,000. We might witness weakness only if Nifty breaks level of 10,500. Therefore, traders should try to create long position keeping close eye on 10,500, as it might act as crucial support for weekly expiry.
The stock took support from its important moving average and is taking firm support from its key support lying in the sub-zone of 1000. Further stock might be witnessing resistance breakout from level of Rs 1,020 which might lead stock to witness more upward movement. We recommend buying the stock above Rs 1,020 for the target of Rs 1,075, keeping a stop loss at Rs 980 on closing basis.
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