Indian benchmark indices slipped after Moody’s downgraded India’s rating to "Negative" from "Stable" and mixed news headlines from on-going US-China trade deal. At close, Nifty lost 103.80 points lower or 0.86% at 11908.20 and Sensex slipped 330.13 points or 0.81% in the red at 40323.61. Overall market breadth was negative as 1085 stocks were declined and 689 stocks advanced and 369 were unchanged on NSE. India VIX, which measures the implied volatility of Nifty 50 options, was 4.32% up at 15.86.
According to weekly option derivatives diaries, maximum Call writing open interest of 14.80 lakh contracts was seen at the 12000 strike price, which will act as a crucial resistance level for next trading session. However, Put unwinding open interest seen at 11900 strike price with 1.16 lakh contracts, which will act as a strong support.