Now, the index has to hold above 14,800 level to witness a bounce towards 15,000 and 15,050 levels, while on the downside support exists at 14,700 and 14,600 levels.
India VIX fell 1.98% from 20.22 to 19.83 level. India VIX needs to hold below 20 level to again attract a bullish stance.
On the options front, maximum Put open interest stood at 14,000 level followed by 14,500, while maximum Call OI was seen at 15,000 level followed by 15,500. Call writing was seen at strike prices 15,100 and 15,300, while there was Put writing at 14,500 and 14,400 levels. Options data suggested a wider trading range between 14,500 and 15,200 levels, while the immediate trading range was seen in the 14,700-15,000 zone.
Bank Nifty opened with a gap down, but managed to hold the 32,500 level and bounced towards the 33,150 mark. It is facing sustained pressure near the 33,333 mark since last three sessions. It closed the day with a loss of around 270 points. Despite the consolidation, the index outperformed the broader market and formed a bullish candle, even as it negated the formation of higher highs and lows of last three sessions.
Now the index has to hold above 32,750 level to witness a bounce towards 33,333 level, while on the downside support exists at 32,500 and 32,250 levels.
Nifty futures closed negative at 14,875 level with a loss of 0.73%. Among specific stocks, the trade setup looked bullish in BHEL, , Concor, GAIL, NTPC, IOC, Voltas, HPCL, , ONGC, BEL, ICICI Pru, Havells, Berger Paint, IGL, BPCL, , UPL, and Sun Pharma but weak in HDFC, Kotak Bank, Ramco Cement, Cipla and HCL Tech.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
