INSUBCONTINENT EXCLUSIVE:
By Chandan Taparia The Nifty50 index opened with a gap up and witnessed sustain buying interest till the end of session before closing at
The index formed a Hammer candle on the daily scale and finally surpassed its falling supply trend line, which was formed by connecting the
swing highs of 11,171, 10,929, 10,837 and 10,816 levels.
As long as it holds above 10,777, Nifty could extend its gains towards 10,888 and
then 10,929 levels, while on the downside, supports are seen at 10,770 and then 10,720 levels.
On the options front, maximum Put open
interest was at strike price 10,600 followed by 10,700, while maximum Call OI was at 11,000 followed by 10,800
There was significant Put writing at 10,800 and 10,700 levels, while Call writing was seen at 11,000 and 11,100 levels
The options band signified an immediate trading range between 10,720 and 10,929 levels.
India VIX fell 0.40 per cent to 12.39 level
The VIX has been falling for last five sessions and lower volatility indicates a bullish stance of the market as long as Nifty remains below
13.50 mark.
Bank Nifty opened in the positive and extended its gain towards 26,780
It formed a bullish candle and has been forming higher highs since last four sessions
Now it has to hold above 26,500 to witness an upward move towards 27,000 and then 27,100 levels, while on the downside, crucial support is
at 26,500 level.
Nifty futures closed in the positive at 10,859 level with a gain of 0.75 per cent
Long buildup was is seen in MFSL, JustDial, KTK Bank, DCB Bank, Yes Bank while shorts were seen in Apollo Hospital, TCS, REC and
BEL.
(Chandan Taparia is Technical Derivative Analyst at Motilal Oswal Securities
Investors are advised to consult financial advisers before taking an investment calls based on these observations)