Authors: TheIndianSubcontinent News AgencyThe Nifty50 index opened with gap up on Wednesday but failed to hold the gains and corrected towards the 10,690 level.
The index closed in the negative and negated the formation of higher highs and higher lows of last three sessions.However, it recovered from the lows on support from the rising trend line, but needs to consolidate and hold above the 10,680 level to witness a rally towards 10,800 and then 10,830 levels, while a hold below 10,680 could trigger profit booking and take the index towards 10,638 and then 10,600 levels.On the options front, maximum Put open interest stood at 10,500 followed by 10,600 while maximum Call OI was at 11,000 followed by 10,800.
There was Put writing at 10,500 and 10,700 levels while Call writing was seen at strike prices 11,000 and 10,800.
Options data suggests an immediate trading range between 10,650 and 10,850 levels.India VIX moved up 3.88 per cent to 12.84.Bank Nifty continued to form higher highs and higher lows for last four sessions.
It formed a Spinning Top candle on the daily chart as it failed to surpass its immediate hurdle in the 25,700-25,750 zone.
As long as the index holds above 25,250, it could extend its move towards 25,750 and then 26,000 levels, while on the downside, supports are seen at 25,250 and then 25,100 levels.Nifty futures closed in the negative with a loss of 0.34 per cent at 10,743.
Long buildup was seen in Amara Raja Battery, Pidilite Industries, Castrol India, Kotak Bank, Asian Paint, Bajaj Auto, HDFC Bank and Exide India while shorts were seen in Marico, NIIT Tech, Arvind, SAIL, Century Textiles, HCL Tech, Just Dial, Jet Airways, Hindustan Zinc, IGL, Vedanta and Allahabad Bank.