INSUBCONTINENT EXCLUSIVE:
The index formed a small bodied candle on the daily scale followed by a hammer candle on weekly chart, which indicates that buying interest
was visible at lower levels.
Now, Nifty needs to hold above the 10,750 zone to extend its gains towards 10,820 and then 10,888 zone, while
on the downside support was seen at 10,680.
On the options front, maximum Put open interest was seen at 10,700 followed by 10,400 strike,
while maximum Call OI was at 11,000 followed by 10,900 strike.
Put Writing was seen at 10,700 followed by 10,800 strike, while Call writing
was seen at 10,800 followed by 10,950 strike
Option band signifies a trading range between 10,650 and 10,929 levels.
India VIX fell down by 3.74 per cent to 15.45
Gradual decline in VIX indicates short-term stability in the market.
Nifty Bank failed to hold above the 27,000 zone and finding hurdle near
However, it remained consolidative for most part of the session and formed a bearish candle on the daily, while an Inside Bar candle on the
Now, the index has to hold and sustain above 26,850 zone to extend gains towards 27,150 and then 27,350 zone, while on the downside,
supports are seen at 26,666 and then 26,500.
Nifty futures closed flat at the 10,809 level
Built-up of long positions were seen in BEML, PEL, Bata India and YES Bank, while shorts were seen in Kotak Mahindra Bank, Arvind, NIIT Tech
and Jubilant FoodWorks.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
