INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty index opened in the negative but witnessed buying interest at lower levels and extended gains towards the 10,900
The index has been shifting its support to higher levels and seen the highest daily close in 52 sessions since October 1, 2018
Now, it has to hold above 10,800 to extend its move towards 11,000 and then 11,176 levels, while on the downside support exists at 10,777
and then 10,700 levels.
On the options front, maximum Put open interest was at 10,000 followed by 10,800, while maximum Call OI was at
11,000 followed by 10,900
Fresh Put writing was seen at 10,900 followed by 10,800 levels while Call writing was intact at 10,900 followed by 11,100 levels
The Option band signified a trading range between 10,750 and 11,000 levels.
India VIX remained flattish and closed with a marginal gain of
0.26 per cent at 14.57 level
the market.
Bank Nifty respected its support at 26,850 level and witnessed buying in the latter part of the session to head towards 27,200
It formed a bullish candle on the daily scale by surpassing the immediate hurdle at 27,000, which suggests the momentum could extend to
Now, it has to hold above 26,850 to extend its gains towards 27,500 level, while on the downside, major support is seen at 26,666
level.
Nifty futures closed positive with a gain of 0.23 per cent at 10,935 level
Long buildup was seen in UBL, Bank India, Hindustan Zinc and CEAT while shorts were seen in Zeel, MindTree, Torrent Pharma and
MRPL.
(Chandan Taparia is Technical Derivative Analyst at Motilal Oswal Securities
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
