INSUBCONTINENT EXCLUSIVE:
It formed a Big Bearish Candle on the daily scale and an Inverted Hammer on weekly scale, which suggest the bulls are loosening their grip
on the market.
The index lost the momentum of last six sessions and slipped towards the 10,750 mark
Now, if it sustains below 10,850 level, then the short-term trend could turn negative for a decline towards 10,650 level, while on the
upside, a hurdle is seen at 10,850 and then 10,929 levels.
On the options front, maximum Put OI was at 10,000 followed by 10,700 while
maximum Call OI was at 11,000 followed by 10,900
The option band signified a trading range between 10,650 and 10,929 levels.
India VIX moved up sharply by 11.58 per cent to 15.99 mark
VIX has to hold below 16 to get a bullish momentum, else it will be tough fight for the market.
Bank Nifty failed to hold above 27,350 and
slipped towards 26,850 level
It corrected more than 400 points and formed a Bearish Candle on the daily scale and a Shooting Star on weekly scale
Now, it has to cross and hold above 27,000 mark to get some short-term stability and move towards the 27,250-27,350 zone, while on the
downside support is seen at 26,666 level.
Nifty futures closed in the negative at 10,769 with a loss of 1.91 per cent
Long buildup was seen in CG Power, Tata Global, HPCL, IRB and BPCL while shorts were seen in ITC, ZEEL, Eicher Motor, HDFC, Infosys and
