INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 index opened with a gap up on Friday, witnessed sustained buying throughout the session and made a new record
high at 11,283.
The 50-pack has been making higher highs and higher lows since last six sessions and formed a Bullish Candle similar to a
Bullish Marubozu pattern on the daily as well as weekly charts, which indicate complete dominance by the bulls.
Now, it has to continue to
hold above 11,200 to extend its move towards 11,350 and 11,400 levels, while on the downside, major support exists at 11,171 level.
On the
options front, maximum Put open interest was seen at 11,000 followed by 11,200 levels, while maximum Call OI was at 11,500, followed by
11,400 level.
There was significant Put writing at 11,200 and 11,000 levels, whereas Call writing was seen at strike price 11,700 followed
by 11,400.
India VIX moved up 2.23 per cent to 12.31 level
The overall lower volatility is giving the bulls a tight grip on the market.
Bank Nifty finally surpassed its lifetime high of 27,652 and
made a new lifetime high at 27,661
It formed a strong bullish candle on the daily as well as weekly charts
Now, it has to hold above 27,440 to extend its momentum towards 27,800 and then 28,000 levels, while on the downside, major support exists
at 27,400 and then 27,165 levels.
Nifty futures closed positive with the 0.95 per cent gain at 11,307
Long buildup was seen in Ajanta Pharma, BPCL, Reliance Capital, Hindalco, Godrej Industries, KSCL, KPIT, Bank of India and Axis Bank while
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
