Strength in Nifty only above 9,300 levels: Gaurav Garg of CapitalVia

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

Indices moves higher with the help of short-covering; Nifty closed above 9,000

Market traded in a close range on Wednesday but witnessed a sharp short-covering move in the last hour, which pushed Nifty above 9,000. The index managed to close at 9,066.55, adding 187.65 points. All sectoral indices closed on a positive note, but pharma, auto and financials stocks surged the most. Nifty bank closed at 17,840.20, adding 353.95 points from the previous day’s closing.
 

As per the weekly option data, handful of put writing on lower strikes ranging from 8,800 to 9,000 is seen which shows that Nifty would witness