INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 index opened gapup on Tuesday and witnessed sustain buying interest th roughout the session to head towards
the 11,320 level.
The index has managed to cross 11,118 and 11,180 levels in the last two sessions and supports are gradually shifting
higher with greater pace of buying momentum.
Nifty also surpassed its resistance trend line of the sideways channel and closed above the
same with the formation of a bullish candle on the daily scale.
The index has to continue to hold above 11,200 to extend gains towards the
Overall setup and momentum is positive and a followup could extend its momentum, while immediate supports exist at 11,200 and then 11,118
levels.
On the options front, maximum Put open interest stood at 11,000 followed by 10,700 strike while maximum Call OI was at 11,400
followed by 11,500 strike
Meaningful Put writing was seen at 11,200 followed by 11,300 strike while Call unwinding was seen at all the immediate strikes with minor
Call writing at 11,350 strike
Options band signifies a shift in higher trading range at 11,150 to 11,450 levels.
India VIX moved up by 1.33 per cent to 15.09
The index closed higher after the declines of last seven trading sessions.
Nifty Bank rallied over 450 points and made a lifetime high of
28,488 by crossing previous high of 28,388 level
The index formed a bullish candle on the daily scale, which indicates that bulls are holding a tight grip on the market with a fresh
Now, it has to continue to hold above 28,150 to extend its momentum towards new lifetime high of 28,750-28,800
On the downside, major support exists at 28,000 and then 27,750.
Nifty futures closed with a gain of 1.10 per cent at 11,325 level
Built-up of long positions were seen in Escorts, Arvind, Concor and Ajanta Pharma while shorts were seen in Mindtree, MRF, Motherson Sumi
and Indigo.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
