Nifty snapped its five-day losing streak on February 23. However, Bank Nifty closed in the negative territory for the sixth consecutive session as selling pressure in HDFC twins and Axis Bank capped the upside moves.
On the technical front, however, both Nifty and Bank Nifty managed to close above their key support levels of 14,700 and 35,000, respectively.
On the derivatives front, Put writers were seen adding hefty open interest at 14,700 strike which should act as immediate support for Nifty while Call writers are pretty much active at 14,800 and 15,000 strikes.
As we are approaching the monthly expiry of February F&O contracts, the market may remain volatile ahead of rollovers.
On the higher side, the bias would once again turn bullish if Nifty manages to give a decisive move above 15,000 once again in the upcoming sessions.
On the flip side, a slide below 14,700 would bring bears on the front foot once again which could drag Nifty towards 14,500 level.