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The markets staged a smart recovery from lower levels. The Nifty regained the crucial level of 10,550, led by short covering. However, call writers are once again seen active in 10,700 strikes, which will restrict the market’s upmove further.
However, in the last two trading sessions, call writers were more active compared to put writers which signals limited upside in the market ahead of expiry.
We expect the Nifty to trade in a 10,500-10,700 band for the next two trading session. From a technical point of view, 10,580 and 10,550 spot levels will act as major support for the index, while resistance is placed around 10,650-10,700 levels.
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