INSUBCONTINENT EXCLUSIVE:
range with its intraday support at 11,650 level
The index formed a Doji candle with comparative long lower shadow and an inside bar formation, which indicated that every decline is being
The index is just shy of its lifetime high mark.
Nifty continued the formation of higher lows for six consecutive sessions and supports
shifted higher gradually to surpass its lifetime high at 11,760 level
Now it has to hold above 11,650 to witness an upward move towards 11,760 and then 11,800 levels, while on the downside major support exists
at 11,550.
On the Options front, maximum Put OI was at 11,000 followed by 11,500 while maximum Call OI was at 12,000 followed by 11,800
There was Call writing at 12,000 followed by 11,800 while Put writing was seen at 11,700 followed by 11,500 levels
The Option band signified an immediate trading range between 11,500 and 11,800 levels.
India VIX moved up 0.44 per cent to 18.08
It started to hold at higher levels and thus needs a cool off to let the market shift its base to higher levels.
Bank Nifty has got stuck in
a range since last four sessions, but supports are intact near the 30,150-30,200 zone
It requires a decisive close above 30,500 level to commence the next leg of rally
Now, it has to hold above 30,150-30,200 zone to extend the rally towards 30,650 and then 31,000 levels, while on the downside support is
seen in the 30,000-29,888 zone.
Nifty futures closed positive at 11,785 with a gain of 0.32 per cent
Long buildup was seen in Bharti Airtel, Tata Motors, Syndicate Bank and Balkrishna Industries while shorts were seen in Escorts, Indian
Bank, MGL, IGL and Ambuja Cements.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
