India VIX fell 1.31 per cent from 24.27 to 23.95 levels. Now, VIX needs to cool down and hold below 21 level for the continuation of the ongoing momentum with a higher market base.
On the options front, maximum Put open interest stood at 14,000 level followed by 13,500, while maximum Call OI was at 16,000 followed by 15,500 levels. There was Put writing at strike prices 14,300 and 14,100, while Call writing was seen at 16,000 and 15,900 levels. Options data suggested a wider trading range between 14,500 and 15,500 levels, while an immediate range was seen between 14,800 and 15,300 levels.
Bank Nifty opened flat and moved sideways during the session. Banking stocks have also seen a pause, and as a result the rate-sensitive index sank towards its key support at 35,500 level. It settled the day with a loss of around 270 points. The index formed a bearish candle on the daily scale with a long lower wick. The index has been stuck in the 35,500-36,600 range since the past few sessions. Now, it has to hold above 35,500 level to witness a move towards 36,000 and 36,500 levels, while on the downside support is seen at 35,500 and 35,250 levels.
Nifty futures closed positive at 15157 level with a gain of 0.34%. On the stocks front, the trade setup looked bullish in
, , Muthoot Finance, Page Industries, MRF, PEL, Cipla, Cummins India, Apollo Tyre, Chola Finance, Bharat Forge, and Grasim while but weak in Eicher Motor, IndiGo, Britannia and BPCL.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
