INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 index formed a high wave Doji candle on Friday as it closed flat after moving in a wide range between
moving in a rising channel and respecting its support trend line by connecting the recent swing lows at 10,557, 10,630, 10,946 and 11,340
Now Nifty has to decisively hold above 11,666 to extend its move towards 11,777 level, while a drift below 11,620 could change its
short-term behaviour.
On the options front, maximum Put open interest was at 11,600 followed by 11,500 while maximum Call OI was at 11,800
There was Call writing at 11,800 followed by 12,000 whereas Put writing was seen at 11,600 followed by 11,500.
India VIX move up 1.53 per
However the overall lower volatility suggests the bulls are likely to hold the grip on the market.
Bank Nifty remained consolidative between
It relatively underperformed the benchmark index and formed an Inside Bar candle on daily scale and a Shooting Star kind of pattern on the
weekly scale, even as it found multiple supplies near 28,388 level.
The index has been consolidating between 27,750 and 28,388 levels for
Now, it has to hold above 28,128 to extend its gains towards 28,333 and then 28,500, while a hold below 27,950 could retest its immediate
support at 27,750 level.
Nifty futures closed flat at 11,732
Long buildup was seen in NIIT Tech, Mindtree, KPIT, Torrent Pharma, Ajanta Pharma and Lupin whereas shorts buildup was seen in Yes Bank,
Page Industries, Berger Paints, Ceat and Marico.
(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)
