INSUBCONTINENT EXCLUSIVE:
June series derivative contracts.
Nifty opened in the red and touched intraday high and low of 10,805 and 10,732, respectively, before
closing the session 6.70 points, or 0.06 per cent, higher at 10,769
This way, the 50-pack displayed resilience in the face of overnight weakness in global markets.
Nifty formed a small bullish candle on the
The index also formed lower highs and lows compared with that in the previous session, indicating a negative bias
Rajesh Palviya, Head Technical Derivatives Analyst at Axis Securities, said the Nifty50 formed a small bullish candle carrying a long
upper shadow, which indicated resistance as well as selling pressure at higher levels.
For the ninth consecutive session, the index extended
its consolidation within the 10,840-10,700 range, representing a short-term sideways trend
For the day, the 10,810 level remained a crucial resistance and any violation of this level will give Nifty an upward momentum towards
On the downside, a breach of the 10,750 level will trigger weakness towards 10,700 and 10,680 levels
to fiercely resist the falling trend line that joins the high of 11,170 to the subsequent lower tops
It remains in a large symmetrical triangle formation and is moving towards its apex
The Nifty formed a small white body on the candles on Tuesday
Gemstone Equity Research and Advisory.
In the derivatives segment, maximum Put open interest (OI) stood at 10,700 followed by 10,600 while
maximum Call OI was at 11,000 followed by strike prices 10,800 and 10,900
There was Put writing at strike prices 10,650 and 10,700 while Call unwinding was seen at 10,800 and 10,900
Options data suggested an immediate trading range between 10,700 and 10,835 levels, said Chandan Taparia, Derivatives and Technical Analyst,
Motilal Oswal Financial Services.
