Stock Market Highlights: Bears in control of market, Nifty forms inside day candle. How to trade tomorrow

The Nifty formed an inside day pattern on its daily chart, which is formed when the price trades within the high and low range of the previous day. Hence one needs to wait and watch, till the high (25,134) or low (24,979) of today’s daily candle is taken out for further direction on Nifty.

At the current juncture, the bears are in full control of the markets and are using every pullback rally to create short positions. Support for Nifty is now seen at 24,950-25,000 and 24,750. On the higher side, immediate resistance is at 25,100 levels and the next resistance zone is at 25,250-275 levels, Tejas Shah of JM Financial & BlinkX.

In the open interest (OI) data, the highest OI on the call side was observed at 25,000 and 25,050 strike prices, while on the put side, the highest OI was at 25,000 strike price followed by 24,950.