With the results season kicking off next week and the undertone still weak, investors should be careful. The trend is likely to remain lacklustre ahead of Infosys results. The market may remain range-bound and choppy depending on global cues.
If S&P Nifty is unable to sustain above 3,750-level and break 3,700, the market will see a trend reversal next week.
The Nifty March futures closed at 3722.55 after hitting an intra-day high of 3758
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on Thursday. This is a clear indication that Nifty futures are unable to sustained above 3,750-level.
Interestingly, the OI in Nifty put options increased by 32.37 lakh of which nearly 89% OI were built up at Put 3,500 and Put 3,600 levels. It indicates that market support is likely to be at around these levels.
