Market traded range bound on Wednesday; Nifty facing stiff resistance at 12,200
Market traded range-bound due to New Year holiday across Asia and lack of global cues. The Nifty closed at 12,182.50, gaining 14 points. IT, FMCG stocks traded with positive sentiments throughout the day whereas auto sector witnessed some pressure. Nifty bank closed at 32,102.90, shedding 58.75 points from the previous day’s closing.
As per the weekly option data, huge call writing can be seen on higher strikes ranging from 12,200 to 12,300 which shows that Nifty is witnessing stiff resistance in sub-12,250 zones. Traders should try to buy