Technically, the index formed a bearish candle on the daily scale as it closed below its opening level, but continued to form higher highs for last eight sessions. Now, it has to hold above 15,500 zone to witness a bounce towards a fresh lifetime high of 15,750, while on the downside support exists at 15,431 and 15,300 levels.
India VIX moved up 2.95% from 16.88 to 17.38 level. The fear gauge is near its lowest point in 65 weeks since February 2020 and a Falling VIX could extend the bullish market momentum towards a new high territory.
On the options front, maximum Put open interest stood at 15,000 level followed by 14,500, while maximum Call OI was seen at 16,000 followed by 15,800. Minor Call writing was seen at strike prices 16,100 and then 15,700 strike while Put writing was seen at 15,500 and then 15,000. Options data suggests a trading range between 15,000 and 16,000 levels while the immediate trading range lay between 15,300 and 15,800 levels.
Bank Nifty opened positive but failed to hold above 35,700 level and remained negative to rangebound through the day. It failed to continue its positive streak of last four sessions and closed the session in the negative with a loss of around 190 points. It formed a bearish candle on daily scale but has been forming higher highs since the last four sessions. Now it has to hold above 35,350 levels to witness a bounce towards 35,750 and 36,000 while on the downside support exists at 35,000 and 34,750.
Nifty futuresclosed positive with the gains of 0.25% at 15622 levels. Among specific stocks, the trade setup looked bullish in Adanient, Adaniports,
, Bajfinance, Lichsgfin, Apollohosp, SBIN, Mindtree, Coforge, , HDFC, Hindunilvr and Concor while weakness in Suntv, Auropharma, L&TFH, Bankbaroda, M&MFin, Ashokley and Ramco Cement.
