Nifty to face stiff resistance at 9,500 levels: Gaurav Garg of CapitalVia

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

Indices trades lower on weaker global cues; Pharma stocks shine

Market traded with negative sentiments throughout the day on Friday and slashed previous day’s gains. Nifty heavyweight Reliance Industries prevented the index from weakening further. Global markets traded negative. Nifty managed to close at 9,154.50, slashing 159.50 points. Media, realty, and banking sector traded with negative sentiments whereas pharma sector closed in the green. Nifty bank closed at 19,586.55, losing 681.30 points from the previous day’s closing.

As per the weekly option data, handful of call writing on higher strikes ranging from 9,000 to 9,500 is seen which shows Nifty would face