INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia The Nifty50 index opened negative on Monday and remained under pressure for most part of the session
It slipped towards the 10,474 mark and hit the lowest level in last 18 sessions
It has been making lower highs from last five sessions and again slipped below its 50-day EMA
Now if it sustains below its multiple support at 10,450, then fresh weakness could be seen towards 10,333 and then 10,250 levels, while on
the upside, hurdles are seen at 10,600 and then 10,650 levels.
On the options front, maximum Put open interest was at 10,000 followed by
10,200 while maximum Call OI was at 11,000 followed by 11,500
There was significant Call writing at 10,700 followed by 11,000 level, while Put unwinding was seen at all immediate strike prices.
India
VIX move up sharply by 9.94 per cent to 20.43
The volatility index closed at recent high since October 31, 2018.
Bank Nifty opened in the negative and remained under pressure for the
It formed a Gravestone Doji kind of candle on the daily scale but hovered near its 200-day EMA
If it sustains below 26,000, then weakness could be seen towards the next support at 25,750 and then 25,500 levels, while hurdles are seen
at 26,350 and then 26,500-26,666 zone.
Nifty futures closed negative at 10,500 with a loss of 2.19 per cent
Long buildup was seen in KSCL, BEML, Hexaware, KPIT, IOC while shorts were seen in Kotak Bank, DCB Bank, Bharti Infra and BHEL.
(Chandan
Taparia is Technical Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
