INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia The Nifty50 index opened in the positive on Thursday and extended its gains towards the 10,535 level, as it managed to
It managed to reclaim the entire losses of the previous session and closed above the 10,500 level.
The index finally negated the formation
of lower highs and lower lows after six sessions
It now needs to hold above the 10,535-10,555 zone to witness an upward move towards the 10,600 mark and then 10,625 level.
On the downside,
the index is likely to respect the immediate low in the 10,420-10,400 zone, as its short-term support.
On the options front, maximum Put
open interest remained intact at strike price 10,500 followed by 10,400, while maximum Call OI was at 10,800 followed by 10,700
Call unwinding was seen at all immediate strike prices, which created rooms for further upside, while significant Put writing was seen at
Options data suggested a shift in trading range between 10,400 and 10,600 levels.
India VIX fell up by 7.17 per cent to 13.14 level.
Bank
Nifty opened flat and closed above the 26,000 mark
It formed a bullish candle on the daily chart and witnessed sharp gains in the last hour of the session
As long as it holds above 25,900, the index can extend its gain towards 26,250 and then 26,500, while on the downside, supports are seen at
25,750 and 25,600 levels.
Nifty futures closed in the positive with a gain of 0.91 per cent at 10,522
Long buildup was seen in KPIT, JustDial, NCC, Ambuja Cement, Bharti Airtel, ACC, TechM, KSCl and SBI while shorts were seen in GAIL, ONGC,
Jet Airways, OIL, Adani Power, Tata Motors and Motherson Sumi.
(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)
