Markets turn skittish near new highs
The benchmark indices registered declines in the previous two trading sessions, which could be a bearish sign, observe analysts. “The National Stock Exchange Nifty has given back-to-back lower closes on the daily charts for the first time since May 17, 2023. The index has given a breakdown of the rising wedge pattern on the daily charts. On the derivatives front, foreign portfolio investors were seen increasing their short exposure to index futures. The maximum call and put open interest for the Nifty was placed at 18,700, and the bears have further strengthened their positions at 18,700 strike, making it a strong resistance for the Nifty. The downside support for the Nifty is placed at 18,500,” says Ashwin Ramani, derivatives and technical analyst, SAMCO Securities. The Nifty50 last closed at 18,563.
