Initial euphoria fizzled out in last two trading sessions as Nifty faced heavy supply at 200-day moving average. Bears once again took the charge and Nifty closed at 10,526.75 with a weekly loss of 1.5 percent. Metal and technology stocks were under pressure which acted as a major component of fall.
Option chain is indicating that Nifty is likely to trade with negative bias in the coming week as Put writers at almost every strike price are covering their short positions. 10,500 put option lost 1.34 lakh contracts on Thursday and the unwinding was also seen at 10,600 strike price of 7.33 lakh contracts.
On the Call side, 10,500, 10,600 and 10,700 strike prices witnessed a substantial amount of fresh writing. The data suggest bulls look tired for the time being and support is getting weaker.
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Source:https://www.moneycontrol.com/news/business/markets/nifty-likely-to-touch-10410-10225-zone-3-small-cap-stocks-for-medium-term-3216641.html
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