INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaNSE Nifty started the session on a negative note and corrected sharply from initial trades on Tuesday
The index slumped for a fourth session and fell towards the 11,900 level during the day
On the flip side, immediate support is placed at 11,900 and then 11,830.
On the options front, maximum Put open interest was at 12,000
followed by 11,800 strike, while maximum Call OI stood at 12,200 followed by 12,300 strike
Call writing was mainly seen at 12,200 followed by 12,100 strike, while Put unwinding was at immediate strike with minor Put writing at
Options data indicated that the trading range shifted lower to 11,900-12,250.
India VIX moved up marginally by 0.62 per cent to the 14.51
level.
Bank Nifty continued to make lower highs and lower lows for a third consecutive session
The banking index saw a sharp correction in the first half
Formation of this candle around the support zone is a sign of relief for the bulls
Now, if Bank Nifty manages to cross 30,700 decisively, then we may see an upmove towards 31,000 and then 31,350
Long builtup was seen in TVS Motors, United Spirits, MFSL, BEL and Oil India, while shorts were seen in YES Bank, Bharti Infratel, LIC
Housing Finance, Tata Motors and Balkrishna Indistries.
(Chandan Taparia is Technical - Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)