INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe NSE Nifty opened positive and witnessed buying interest towards the 10,900 level
The index formed a bullish candle on the daily scale and Hammer candle on the weekly chart, suggesting declines were being bought into the
market.
Now, till the index holds above the 10,750-10,777 zone it can extend it move towards the crucial hurdle of 10,985 level, while on
the downside support exists at 10,777.
On the options front, maximum Call OI was at 11,200 followed by 11,000 strike, while maximum Put OI
is at 10,500, followed by 10,000 strike
Call writing was seen at 11,200 followed by 10,900 strike, while Put writing was seen at 10,800 followed by 10,900 strike
Option band signifies a broader trading range in between 10,650 and 11,000 levels.
India VIX fell down by 4.98 per cent to 15.27 level.
The
Bank Nifty traded in a narrow range of 27,050-27,250 zone for most part of the session
It formed an Inside Bar on the daily chart followed by Hammer Candle on the weekly scale, which suggests buying was visible at lower levels
Now, till it holds above the 26,850 zone, it can extend move towards 27,350, and then 27,500 level
On the downside, major support exists at 26,666 zone.
Nifty futures closed positive with a gain of 0.93 per cent at 10,910 level
Built-up of long positions were seen in Siemens, Muthoot Finance, Canara Bank, Jubilant Foods and SunTV, while shorts were seen in Ramco
Cements, Pidilite Industries, Coal India and ONGC.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
