Technical charts show Britannia, Tech Mahindra and Lupin can gain up to 10%

The market continued to lose for the third consecutive week. However, Nifty has found support near 8,800 levels and a small recovery was seen.

Due to the recovery, the Nifty index formed a hammer candlestick pattern with a long lower shadow which is considered as a trend reversal pattern.

So, we might see some pullback towards 9,200 levels which is a major resistance level and if Nifty manages to sustain above the same, then we can expect a continuation of a current pullback towards 9,350 and then 9,500 levels.

On the contrary, If Nifty breaks below 9,000, then it may retest 8,800 levels.

In this truncated week, we have F&O expiry for the May series. The options data indicates that the maximum Put base is placed at 9,000 followed by 8,800 strikes.

We have also seen fresh Put writing in 9,000 and 8,800 Put strikes, which are likely to act as a support zone.

The Call writers were active in 9,300 and 9,500 strikes, where 9,500 holds the second-highest open interest.

So continuous call writing at 9,500 hints that Nifty may find it difficult to surpass 9,500 in the May series.