INSUBCONTINENT EXCLUSIVE:
part of the session.
The index formed a bearish candle on daily scale, and managed to settle above the psychologically important 11,000 mark
for the second consecutive session.
Now, it has to hold above 10,975 to extend its gain towards 11,080 and then its lifetime high of 11,171,
while on the downside, supports are seen at 10,929 and then 10,888 levels.
On the options front, maximum Put open interest was at 10,600
followed by 10,700, while maximum Call OI was at 11,000 followed by 11,200
Significant Put writing was seen at 11,000 and 10,900 levels, while Call writing was seen at 11,200
The options band signified an immediate trading range between 10,929 and 11,171 levels.
India VIX fell 1.58 per cent to 12.30.
Bank Nifty
traded in a narrow range of around 150 points for the entire session and formed a bearish candle on the daily scale
Now, it has to hold above 26,750 to extend its move towards 27,165 and then 27,400 levels, while on the downside, support exists at 26,600
level.
Nifty futures closed flat at 11,022
Long buildup was in Titan, Reliance Industries, Bajaj Finance and Kotak Bank while shorts were created in UPL, ZEE, Axis Bank and
Grasim.
(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)
