Nifty extends weakness - IIFL

Nifty extended its weakness in yesterday's session and closed below its 100-DMA (5,857), confirming a breakdown in the index after last week's recovery. This has led to formation of lower tops and lower bottom with unwinding pressure visible in sectors like banking, metals and autos. A 50% retracement for entire up move beginning from 5,664 to 5,971, projects near term support at 5,818, below which the view turns cautious.

Sensex March future which added 3765 cont in open interest has seen short addition.

On option front, Sensex Mar 19,800 strike call which added 136575cont in open interest has seen writing, while put buying was seen at Mar 19,200 strike which added 107805 cont in open interest.

Source : Equity Bulls

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