Nifty may open down at 22,500 after slide in US

Options data for the monthly expiry week indicates a market range between 22,500 and 23,100

- Ram Sahgal

The benchmark Nifty index may open sharply lower at around 22,500 points on Monday, following a sharp fall in US equities on Friday. This comes at a time bulls are trimming their optimistic bets and bears readying to break a strong support that's held up six times since last month.

The market could temporarily bounce off Monday's lows, but rallies could be sold into, said market veterans. The strong support of 22,800, which was tested six times through Friday, could give way and trap the bulls initially this week, according to derivatives analysts.