"The levels of 4,500 continue to be a strong support for Nifty," said Vineet Bhatnagar, managing director at MF Global. In an interview to CNBC-TV18, sharing his expectations from the trade in the January series, Bhatnagar said that the market is likely to stay in the range of 4,500 to 4,900 levels.
"Given the way market traded yesterday, the top could be somewhere in the region of 4,850 at best and 4,500 for the moment is a very strong support," he reiterated.
Further, he also said for this particular series, the FIIs seem to be net long on index futures. "The open interest from them alone is up by about 7% and in the underlying cash market segment, there has been no tremendous activity.
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