market sentiments were hit early sell-off witnessed across equity market in the world. Concern about China’s economic slowdown, coupled with expectation that the Federal reserve would further cut its bond buying are pilling up the pressure. The Reserve bank of India in its policy meeting unexpectedly raised benchmark repurchases rate by 25 basis points to 8% from 7.75%.
On the F&O front:- Weekly data show of February series highest open interest change in 6000 strike price for put option put buying was seen at lower levels. Indicating more selling pressure in coming week call selling was seen at higher levels with high open interest.
On nifty weekly chart short term support at 6000. if break more selling can not be ruled out.
Nifty directional:- SELL nifty future below 6080 targets 6000/5950 Stop loss 6130 time frame 1 week.