Market Walk!

After staging a stellar show in the previous trading session, the Indian equity market took a breather on Tuesday as selling pressure in the banking, oil and gas, FMCG, realty and the consumer durables stocks dragged the benchmark indices to wipe out over half of Mondays gains.
The Sensex and the Nifty had rallied on Monday on hopes that the Iran nuclear deal would lead to increased supplies and a sustained decline in oil prices. However, crude oil prices bounce back and the oil marketing companies also fell on account of profit taking.
The rupee which was seen strengthening against the US Dollar in the past three trading sessions witnessed a sudden bounce back. The Indian unit weakened against the green back and was trading around 62.50 levels as compared to intra-day high of 62.25.
The BSE banking index was the top loser among the BSE sectoral indices, specially the PSU banks were under selling pressure.
Bucking the negative trend were the auto, power and the capital goods stocks. However, the Mid-Cap and the Small-Cap index gained by half a percent each.Finally, BSE Sensex closed at 20,425 down 180 points, while NSE Nifty closed at 6059 down 56 points over the previous close.
BPCL, Bank of Baroda, NMDC, ICICI Bank, Cairn India, Bharti Airtel, Coal India, Asian Paints, ITC and IDFC were among the top losers in the Nifty. On the other hand, Lupin, BHEL, Sesa Sterlite, Hindustan Unilever, Hero Motocorp, Tata Motors, HCL Tech and Kotak Bank were among the top gainers.
Meanwhile the Option data is indicating that going forward 5900 will act as strong support and 6100 will act as strong resistance.
PE Option likely in focus-:
5950 PE had seen good build up in open interest and IV stands at 21.74.
6050 PE had seen good build up in open interest and IV stands at 18.45.

CE options likely in focus:
6100 CE and 6200 CE likely to be in focus and IV stands at 21.59 and 21.56 respectively
Market levels to watch Nifty traded within yesterdays bar forming an inside bar. Nifty face huge supply around levels of 6110-6120 if we look at the pattern its clear that nifty might trade in range of 5960-6135 for a couple of trading sessions. Going ahead for today 6100 will act stiff resistance for nifty and if nifty manages to cross this level next resistance will be around levels of 6135.
On downside nifty has strong support around 6030 and if nifty sustains below this level we may down to 5970 levels.

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