Technically, the index formed a bullish hammer sort of candle on the daily scale, which indicates that every small decline is getting bought into. Now, Nifty has to hold above 15,500 level to witness a rise towards a fresh lifetime high of 15,750, while on the downside support exists at 15,431 and 15,300 levels.
India VIX fell 1.04% from 17.38 to 17.21 levels. The fear gauge is near its lowest levels in last 65 weeks since February 2020 and a falling VIX could extend the bullish market momentum towards a new high.
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 15,500 levels. Minor Call writing was seen at 16,100 and then 16,000 levels, while there was Put writing at 15,200 and then 15,100 levels. Options data suggested a trading range between 15,000 and 16,000 level, while the immediate trading range is seen between 15,300 and 15,800 levels.
Bank Nifty opened negative. Even though it faced some resistance in the opening tick, the second half of the session saw strength. The banking index took support at 35,000 level and closed the session with a marginal gains of 36 points. It formed a bullish candle on the daily scale, but negated the formation of higher highs in last four sessions. Now it has to hold above 35,250 level to witness a rise towards 35,750 and 36,000 levels, while on the downside support exists at 35,000 and 34,750 levels.
Nifty futures closed flat to positive with a gain of 0.04% at 15,625 level. On the stocks front, a bullish trade setup was seen in
, Adani Ent, , RBL Bank, Bharat Forge, Apollo Tyre, , Tata Power, Lupin, , ICICI Pru, PEL, UPL, Voltas, HPCL, IndusInd Bank, Marico, Ambuja Cement and RIL but weak in ITC, Dabur, GAIL and .
