The market could test the 9,000 resistance in the very near term, provisional options data for April 9 expiry showed after Tuesdays monster 9% Nifty rally to 8,792.The open interest put call ratio (PCR) for April 9 expiry jumped to 1.5 on Tuesday from 0.82 on Friday as bulls sold more put options while bears cut their outstanding call positions.
Even for April 30 expiry the PCR rose to 1.21 from 1.17.For April 9 expiry, the resistance is at 9,000, followed by 9,500.
Major put writing for weekly expiry was witnessed across 8,300-8,500, the latter being a major support.Derivatives analysts like Chandan Taparia of Motilal Oswal and Rajesh Palviya of Axis Securities expect the rally to extend to 9,500 by month end.
Rohit Srivastava of India-Charts said in the very short term the market could first surpass the 9,000 mark and have a shy at 9,900, around 50% retracement of the fall from 12,272 to the multi-year low of 7,511 on March 24.