INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 index opened with a downward gap and remained under pressure for the entire session on Friday
It formed a bearish candle on the daily and weekly scales, which suggests the bears are holding a tight grip on the market.
Now as long as
Nifty could slip towards its crucial support at 10,200 and then 10,138 levels, while on the upside, a tough hurdle is seen in the
10,450-10,500 zone.
On the options front, maximum Put open interest was at 10,000 followed by 10,200, while maximum Call OI was at 11,000
There was meaningful Call writing at 10,400 followed by 10,600 while Put writing was seen at 10,200 followed by 10,100
The option band signified a trading band between 10,200 and 10,500 levels.
India VIX moved up 10.05 per cent to 19.78
A spurt in volatility after the dips of last few sessions suggests the upside could be restricted in the market.
Bank Nifty opened negative
and traded in a narrow range of 200 points for most part of the session
It formed a bearish candle on the weekly scale, which implied supply at higher levels.
However it took support at its rising trend line
formed by connecting the swing lows of 21,368, 23,605 and 24,678 and 24,922 levels
Now, it has to sustain and hold above 25,250 to witness a bounce towards 25,500, while a hold below the same level could drag it towards
24,900 and then 24,650 levels.
Nifty futures closed negative at 10,314 with a loss of 1.24 per cent
Longs were seen in NIIT Tech, Torrent Power, KPIT, Biocon and Havells while shorts were seen in Mindtree, Repco Home, ACC, Indiabulls
Housing Finance, Piramal Enterprise, YES Bank and RBL Bank.
