Weekly expiry of options will influence Thursday’s session of the market. The 10,800 level continued to see the highest concentration of Call open interest throughout the day. If Nifty remains weak, this may shift the resistance point lower.
Volatility index INDIA VIX declined marginally by 1.30 percent to 29.2900. The 10,800-10,880 zone has become an intermediate top for the market unless it is taken out convincingly.
A soft start is likely on Thursday, with the 10,650 and 10,710 levels acting as key resistance points, while supports will come in at 10,535 and 10,480 levels.
On Thursday, intermittent pullbacks cannot be ruled out. However, Nifty remains vulnerable at higher levels and may see selling pressures if at all it sees any up-move. We recommend staying away from making any large purchases and adopting a highly stock-specific view on the market.