Nifty option tips - The Nifty-50 broke below its critical support level of 7,600 in Monday's trade, fuelling concerns of further downside in the market advanced of the outcome of US Federal Reserve's rate-setting meeting on Wednesday.

Going through Options data, Nifty futures should be able to find support near 7,500 level, where Put open interest (OI) is maximum at 62.81 lakh contracts. On the up-side, it will be difficult for the index to break above 8,000, which has a concentration of 69 lakh Call OI.

Nifty Dec, 2015 futures ended at 7,627.90 on Friday previous week at a premium of 17.45 pts over spot ending of 7,610.45. It saw addition of 0.57 million contracts, taking the total outstanding open interest (OI) to 19.44 million.

The market witnessed selling pressure at the time of week gone by amid rising concerns over a US Fed rate strike, local growth worries and a crash in world wide commodities prices.

The S&P BSE Sensex has done smart regains & went high nearly 100 pts to regain its critical mark of 25,000, after falling over 120 pts in starting trade, today.

Few markets of asia were in pressure ahead of the US(United States) Fed's two-day policy review starting Tuesday. The native market followed the suit in the early trade. Moreover, buying in select heavyweights such as Infosys, Hindustan Unilever & Sun Pharma helped the benchmark indices cut losses as the session progressed.

Nifty option tips : BUY BANK NIFTY 16500 CALL ABOVE 240 TGTS 260/290/340 SL 210

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