INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia The Nifty50 index on Monday formed a small Bearish Belt Hold candle and an inside bar, as it traded inside the trading
It remained in a consolidation range for most part of the day and finally closed near the 10,800 level.
The index got stuck in a range
It now requires a decisive range breakout to start the next leg of rally
As of now, as long as it holds above 10,750 level, Nifty50 could see an upward move towards 10,850 and then 10,888 levels, while on the
downside, support exists at 10,720 level.
On the options front, maximum Put open interest stood at 10,700 and 10,600 while maximum Call OI
was at 11,000 followed by 10,900 and 10,800
There was Put writing at 10,700 followed by 10,600 while Call writing was seen at 10,800 and then 10,900 levels
Options data suggested a broader trading range between 10,700 and 10,900 levels
India VIX moved up 2.57 per cent to t 12.38 level
Lower volatility is supporting the market at every decline
At the same time, it is keeping the upside momentum restricted.
Bank Nifty has been making lower highs and lower lows for last three
It formed a Doji candle on the daily scale, which suggested indecisive movement and lack of momentum on both sides
It has to hold above 26,500 to witness an upward move towards 26,750, while on the downside, immediate support was seen at 26,250 and then
26,100 and 25,950 levels.
Nifty futures closed in the negative with a loss of 0.23 per cent at 10,789
Long buildup was seen in Bata India, Apollo Hospital, Jubilant Foodworks, BPCL, Page Industries, Gail and SAIL while shorts were seen in Sun
TV, Torrent Power, CEAT, Motherson Sumi, Cummins India, Concor, IGL and Axis Bank.
(Chandan Taparia is Technical Derivative Analyst at
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
