#nifty50- Support of 16850 under threat
nifty came under a late selling pressure of FIIs to close just above 17k. However, we could see that DIIs propped up the market sentiment through the day buying 3024cr, while FII sold for 3417cr-- a 393cr net selling proving too much for a jittery market -erased all the gains. PCR at 0.73 is probably a reflection of winding up of put writers as the markets came dow. If this down move is sustained at the open tomorrow, we could see some more unwinding of puts. Nifty has been closing below 50&100EMAs for the past several trading sessions. 200EMA is the next strong support if we see continued selling--should expect given the weak global situation. 16850 could be threatened and markets could test 16500 levels before resuming the upmove. What do you think?
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