INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaNifty index remained in a range of 40-50 points for the entire session and closed on a flattish note ahead of Karnataka
election result.
The index formed a Spinning Top candle on daily scale, which suggests absence of followup buying at crucial zones
However it continued the formation of higher lows for last six trading sessions, which suggests that supports are gradually shifting higher
Now, till it holds above 10,785 zones, it can extend its move towards 10,888 and then 10,950 zones, while on the downside supports are seen
at 10,725 and then 10,680 levels.
On the options front, maximum Put OI is at 10,500 followed by 10,700 strike, while maximum Call OI is at
11,000 followed by 10,800 strike
We have seen Put writing at 10,700 followed by 10,800, which is shifting support to higher zones, while Call writing is seen at 10,100 then
Option data suggests an immediate trading range between 10,700 to 10,900 zones.
India VIX moved up by 1.93 per cent to 14.25 levels.
Bank
Nifty opened flattish and remained rangebound for the entire session
It formed a small bodied candle on the daily scale, but continued its higher highs-higher lows formation of the last four sessions
Now, till it holds above 26,250, it can extend move towards 26,750-26,850 zones, while on the downside, supports are seen near to 26,100
levels.
Nifty futures closed negative with a loss of 0.11 per cent at 10,807
Builtup of long position were seen in Canara Bank, Sun TV, NTPC, Power Grid, Gail, South Bank, Hindustan Unilever and BPCL, while shorts
were seen in Tata Global, Adani Ports, Voltas, Rel Infra, PC Jeweller, Ashok Leyland, PTC and Mindtree.
(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)
