The Nifty Index is likely to trade in the 18000-18800 range for the first fortnight of the December series. We believes that 18000 could be the turning point for this month, only below which the trend turns negative while the upside potential in this series is around 17800-17500. With higher long positioning in the index futures, we believe Nifty's positional view would remain Buy on Dips until 18000-18200 is not broken down. Near-term support for the Nifty could lie near the 18400-183000 level. Similarly, the main support for Bank Nifty would be around 41700, the Banking Index for the first two weeks of the December series at 41700-43800. The highest monthly open interest for Nifty December options is 18,000 PE and 18800 CE. Nifty 19000 call open interest is around 30000 contracts and 18000 put open interest is around 35000 contracts.
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