INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyThe Nifty50 index opened with gap up on Wednesday but failed to hold the gains and corrected
The index closed in the negative and negated the formation of higher highs and higher lows of last three sessions.
However, it recovered
from the lows on support from the rising trend line, but needs to consolidate and hold above the 10,680 level to witness a rally towards
10,800 and then 10,830 levels, while a hold below 10,680 could trigger profit booking and take the index towards 10,638 and then 10,600
levels.
On the options front, maximum Put open interest stood at 10,500 followed by 10,600 while maximum Call OI was at 11,000 followed by
There was Put writing at 10,500 and 10,700 levels while Call writing was seen at strike prices 11,000 and 10,800
Options data suggests an immediate trading range between 10,650 and 10,850 levels.
India VIX moved up 3.88 per cent to 12.84.
Bank Nifty
continued to form higher highs and higher lows for last four sessions
It formed a Spinning Top candle on the daily chart as it failed to surpass its immediate hurdle in the 25,700-25,750 zone
As long as the index holds above 25,250, it could extend its move towards 25,750 and then 26,000 levels, while on the downside, supports are
seen at 25,250 and then 25,100 levels.
Nifty futures closed in the negative with a loss of 0.34 per cent at 10,743
Long buildup was seen in Amara Raja Battery, Pidilite Industries, Castrol India, Kotak Bank, Asian Paint, Bajaj Auto, HDFC Bank and Exide
India while shorts were seen in Marico, NIIT Tech, Arvind, SAIL, Century Textiles, HCL Tech, Just Dial, Jet Airways, Hindustan Zinc, IGL,
Vedanta and Allahabad Bank.
