Stock Market Highlights: The near-term nifty trend is weak. How to trade on Thursday

A small red candle has formed on the daily chart of Nifty, with minor upper and lower shadows. This market movement usually indicates a volatile market movement with a positive bias.

The negative chart pattern such as lower highs and lows is intact and the current pullback could be in line with the new lower high of the pattern. But the upper-lower reversal needs confirmation at the higher levels. Nifty’s near-term trend remains weak. A sustained move above the 23300-23350 hurdle levels could enhance the bullish bounce in the market. The low level of 23,050 will act as a crucial support for the market, said Nagaraj Shetty of HDFC Securities.

In the open interest (OI) data, the highest OI was observed on the call side at 23,300 and 23,200 strike prices, while on the put side, the highest OI was at 23,200 strike prices followed by 23,100.