The record high of 13777.5 was made on December 21, before the Nifty plunged to 13131.45 on fears of a more deadly Covid variant, which spooked global markets.
From here the Nifty recovered and hit an intraday high of 13771.75 Thursday , which is weekly expiry.
“A strong closing today means the market is consolidating within the 13131-13777.5 band with a bias for the upper end,” said Sunil Pachisia, director, institutional sales, Pratibhuti Vinihit Ltd. “it’s important for a conclusive break above the record for the market to test newer highs.”
The range for the market based of the 13700 call and put value is 13471-13929.
Huge intraday put selling was witnessed at 13700 and 13600 strikes expiring on December 31 , which underscores the bullish sentiment as sellers expect the market to remain above the puts sold minus the premium received from the put buyers.
December 31 expiry Nifty options’ put call ratio was 1.57, implying more put than call selling, a bullish indicator.
