INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia Nifty50 continued its positive momentum for the fourth consecutive session on Tuesday and made a new lifetime high at
The benchmark index has been making higher highs and lows for last fourth consecutive sessions and formed a bullish candle on a daily
scale.
Except for banking and realty, all other sectoral indices ended in the positive territory
The overall trend of the market remained positive and supports shifted higher gradually
On the downside, major support is seen at 12,250 and then 12,150 levels.
On the options front, maximum Put open interest was at 12,000
followed by 12,200 levels, while maximum Call OI was at 12,500 followed by 12,400 level
There was marginal Call writing at 12,400 while some Put writing was seen at 12,300 and 12,200 levels
Options data indicated a trading range between 12,000 and 12,500 levels.
India VIX fell 2.57 per cent to 13.91 level
A sharp cut in VIX level provided comfort to the bulls, but the overall volatile swings are likely to continue in the near term.
Bank Nifty
continued its underperformance for the second consecutive session and moved in a 200-point range throughout the session
It started correcting from initial trades but the open and high remained the same
However, due to some pullback in the later half, the index trimmed some of its intraday losses and formed a small red body candle on the
Now it has to continue to hold above 31,900 level to extend its move towards the 32,500-32,600 zone
Above that, it could start a fresh move towards the 33,000 mark
On the downside, support is placed at 31,750 level.
Nifty futures closed positive at 12,394 level with a gain of 0.26 per cent
Long buildup was seen in Tata Global, Tata Chemicals, Escorts, Mindtree and Balkrishna Industries while shorts were seen in Shriram
Transport Finance, IndusInd Bank, Jindal Steel, Motherson Sumi and Indiabulls Housing Finance.
(Chandan Taparia is Technical - Derivative
Investors are advised to consult financial advisers before taking an investment calls based on these observations)