----S2------------S1-------------Pivot-----------R1------------R2----
2862.20-----2898.25------2927.85------2963.95-----2993.50
2862.20-----2898.25------2927.85------2963.95-----2993.50
Nifty is in overbought zone with the Nifty put-call ratio for February options staying at 1.44. Options traders unwound short positions at 2,800 and 2,900 calls, indicating formation of support levels. They also wrote 3,000 calls, suggesting resistance.
If Nifty fails to close above 2,962, then it may retrace to the 2,662-level. The index on Tuesday declined sharply from its intraday high of 2,957 to get support at 2,870 before recovering.
