2902: Hot Stocks | Vidhi Specialty, TCS can give up to 14% return in short term
Indian markets fell for the fourth consecutive session on Tuesday with Nifty slipping near 11,150, with constant selling seen in Bank Nifty.
Among the sectors, IT and pharma witnessed some buying interest, while banking, financials, metal and energy counters witnessed sharp selloff.
On the derivative front, call writers were seen active at 11,200, 11,300 and 11,400 strikes while put unwinding was witnessed at 11,200 strikes.
Technical setup and derivative data suggest that selling pressure may persist as far Nifty is trading below 11,400.
On the downside, 11,000 would act as immediate support for the market, below which further long unwinding could be witnessed which can further drag the index towards 10,850 levels as well.
Traders are advised to remain cautious as uncertainty on the global front could further dampen the sentiment on local bourses as well.
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