INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia The Nifty50 index opened in the negative and remained under pressure for most part of the session as it drifted
It formed a Bearish Candle on the daily scale, while a mild recovery was seen in the last hour of trade
However as long as it holds below 11,550 level, weakness could set in till 11,250 and then 11,200 levels, while on the upside hurdles are
seen at 11,450 and then 11,500 levels.
On the option front, maximum Put open interest was at 11,000 followed by 11,200 level, while maximum
Call OI was at 11,500 followed by 11,600 level
Meaningful Call writing was seen at 11,400 followed by 11,500 level while there was Put writing at 11,300 followed by 11,100
The option band signified a lower trading range between 11,200 and 11,450 levels.
India VIX moved up 1.93 per cent to 16.59 level
Volatility fell from the highs but moved from its base of 14
So some volatile cues could be seen.
Bank Nifty opened negative and remained under pressure for the entire session
Now as long as it holds below 29,500 level, Bank Nifty can extend its losses towards 29,000 and then 28,888 levels, while on the upside,
hurdles are seen at 29,500 and then 30,000 levels.
Nifty futures closed in the negative at 11,373 level with a loss of 0.86 per cent
Long buildup was seen in REC, Oil India, ONGC and Jubilant FoodWorks while shorts were seen in Wipro, Concor, LIC Housing, ICICI Prudential
and Piramal Enterprises.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
