Equities lose on broad-based selling

Nifty index opened on a negative note and after the initial attempt towards 25800 marks, it failed to hold at higher levels and drifted lower throughout the day. It sunk to 25578 levels and closed with losses of around 170 points. The session witnessed swings within a range and despite intermittent buying, near term selling pressure was intact. It formed a bearish candle on daily frame and continues to form lower highs - lower lows from the last four sessions. Now till it holds below 25700, weakness could be seen towards 25500 then 25350 zones while resistances have shifted lower to 25800 then 25950 zones.

- Motilal Oswal Team

On option front, Maximum Call OI is at 26000 then 25800 strike while Maximum Put OI is at 25000 then 25200 strike. Call writing is seen at 26000 then 25700 strike while Put writing is seen at 25200 then 25250 strike. Option data suggests a broader trading range in between 25100 to 26000 zones while an immediate range between 25400 to 25800 levels.