Market ended lower for the second consecutive day as the Supreme Court's adjusted gross revenue (AGR) verdict over telecos was announced on Friday. Traders also turned cautious ahead of the weekend on uncertainty over coronavirus. Nifty closed at 12,113.50, shedding 61.20 points. All the major indices traded lower. PSU banks, FMCG and private bank stocks traded with negative sentiments throughout the day. Nifty bank closed at 30,834.80 shedding 395.45 points from the previous day’s closing.
As per weekly option data, huge call writing on higher strikes ranging from 12,200 to 12,400 is seen which shows Nifty is witnessing stiff resistance in sub-12,250 zones. Traders should try and create short position at any higher levels as maximum call OI is at 12,200 which will act as stiff resistance level for weekly expiry. But 12,000 will act as support level as maximum OI for the puts stands here. However, if Nifty is able to breach 12,200, it can lead to short covering move up to 12,300.