In an unusually strong session, the domestic stock market witnessed a massive surge fuelled by strong short covering, and this helped Nifty to end the day on a robust note
There is weekly options expiry as well as monthly derivative series expiry on Thursday. So Wednesday’s session was aided by both weekly and monthly derivatives expiry dynamics. Nifty’s behavior against the 9,300 level will be extremely crucial.
The strike price 9,500 has the concentration of the maximum Call open interest followed by 9,300 level.
If Nifty is able to stay above 9,300 level, it may attempt an extension of the up-move. If it slips below 9,300, then this level may act as resistance ..
On Thursday, Nifty will face resistance at the 9,365 and 9,425 levels, while supports will come in at 9,260 and 9,175 levels. The trading range is expected to remain wider than usual.