Nifty index opened negative and cascaded southwards throughout the day and broke all the immediate support levels. The index has been making lower highs - lower lows from the last six sessions and wiped off nearly 820 points in this period. It formed a bearish candle on the daily frame and closed with losses of around 240 points. It formed a bearish candle on the weekly scale and broke the winning streak of the last three weeks. Now till it holds below 24700 zones weakness could be seen towards 24550 then 24442 zones while hurdles have shifted lower to 24700 then 24850 zones.

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On option front, Maximum Call OI is at 25000 then 24800 strike while Maximum Put OI is at 24500 then 24600 strike. Call writing is seen at 24800 then 24900 strike while Put writing is seen at 24500 then

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