Nifty strategy by CapitalVia Global: Buy on dips with stop-loss at 12,100

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

Market traded higher on Wednesday; Nifty managed to hold 12,200

Market opened with gap-up on Wednesday and managed to trade higher due to strong global cues along with some ease over coronavirus. Nifty traded in a close range and closed at 12,201.20, gaining 93.30 points. FMCG, metal and private bank stocks traded with positive sentiments throughout the day whereas PSU banks and pharma stocks witnessed some pressure. Nifty bank closed at 31,492.90 adding 349.76 points from the previous day’s closing.
 

As per weekly option data, handful of put writing on lower strikes ranging from 12,000 to 12,200 is seen which