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Life insurance stocks saw significant selling on demand concerns as budget managers made life insurance plans even less attractive as a tax-saving instrument.
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Which is not in favor of tax exemption from investment in insurance schemes. The Union Budget has also provided a high incentive for people to shift to the new tax regime.
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It was also proposed to flatly tax income from life insurance products (other than ULIPs) issued after April 1, 2023.
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The daily candle of the benchmark index Nifty purely indicates a super volatile day, where the prices crossed the 600 mark, forming a long wick at both ends.
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And for the last four trading sessions, the price is taking support near 200 DMA, which is held near 17,550 on the daily scale.
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After entering the recession in December 2022, we have seen the monthly chart of Nifty-50 turned bearish. Basis for ignoring bearish candle stick setups.
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A close below 17,400 - 17,300 could extend the bearish momentum towards 17,000 - 16,800 which were the former support areas for the benchmark index.
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Now, on the other hand, resistance is also stopped below the 18,100 level, and if the prices break that level, the 18,300 level will also be the next resistance.
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Maximum OI build up is seen at 17,000 Put and 18,000 Call options for February 2 expiry