F&O: Nifty50 can slip towards 11,171 if it holds below 11,333

F&O: Nifty50 can slip towards 11,171 if  it holds below 11,333 :

NSE benchmark Nifty continued its weakness for a third consecutive session and corrected towards 11,200 level, as it failed to surpass the immediate hurdle at 11,333. 

The index formed a pattern similar to Three Black Crows and made a lower high lower low on the daily scale, which indicates that bears are having a tight grip on the market. 

On the options front, maximum Put open interest is at 11,200 followed by 11,000 strikes, while maximum Call OI is at 11,500 then 11,400 strikes. We have seen Call writing at 11,300 followed by 11,400 strikes, while Put unwinding is seen at all immediate strikes. 

India VIX fell down by 2.88 percent to 14. 
Bank Nifty continued its weakness and remained highly volatile on its weekly expiry session and corrected towards26,250. It has been forming lower high lower low from the last three sessions and is trading 100 points away from its crucial 200-DEMA. The index is trading at its two months low levels and previous supports are gradually turning as resistance zones. Now, till it remains below 26,650 level, weakness could be seen towards 26,000. 

Nifty futures closed negative with the losses of 0.34 percent at 11,272. Built up of Long positions were seen in Gail, Muthoot Finance NSE 3.59 %, JSW Steel and SRF whereas shorts were seen in MindtreeNSE -2.36 %, Niittech, DishTV and Godrej CP. 

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