INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 opened positive and consolidated in the 10,830-10,930 range for the second trading session on Monday
The index has been forming higher highs and higher lows on the daily scale for last five sessions, which indicated bullish momentum.
Now, it
has to hold above the 10,777-10,800 zone to extend its move towards 10,929 and then towards the psychologically important 11,000 level,
while on the downside, support exists at 10,777and then 10,650 levels.
On the options front, maximum Put open interest was at 10,000
followed by 10,500 while maximum Call OI was at 11,000 followed by 11,500
Call writing was seen at 11,100 followed 11,500 while Put writing was seen at 10,500 followed by 11,000
The options band signified a broader trading range between 10,750 and 11,000 levels.
India VIX moved down 4.89 per cent to 18.22 level
However it cooled down below the 17-16 zone to get a smooth ride and surpass the psychologically important 11,000 mark.
Bank Nifty opened
positive but follow-up buying was missing
It remained rangebound for most part of the session and closed near the 26,850 mark
It is stuck in a range and now has to hold above 26,666 to extend its move towards 27,200 and then 27,500 levels.
Nifty futures closed in
the positive at 10,931 with a gain of 0.28 per cent
Long buildup was seen in Jubilant Foodworks, Tata Power, Bank of India and KSCL while shorts were seen in Sun Pharma, Ashok Leyland, MM and
Indigo.
(Chandan Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
