Nifty Trading Spot: After 950 points rally injust five sessions, the index underwent minorprofit booking. We believe, temporary breather willmake market healthy and pavethe way to gradually head towards 17900 in February as it is 80% retracement of January 2022 decline (18350-16836).
From a data perspective, the Nifty holds highest Put concentration at ATM 17500 strike while Call option concentration is placed at17800 strike for the coming weekly settlement. Call options concentration is much higher than the Put for the coming week suggesting limited upsides. We expect the Nifty to consolidate for sometime after witnessing significant volatility in the last one month
For the coming session, the trading spot band is between 17330 and 17650,which means further upsides are likely once the immediate resistances of 17650 are taken out and weakness could emerge if the supports of 17330 are broken.
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