The index formed a small bullish candle on the daily scale and continued to form higher highs and lows for the third session in a row. Now, it has to hold above 15,700 level to witness a bounce towards a fresh lifetime high of 16,000, while on the downside, support exists at 15,550 and 15,431 levels.
India VIX fell 2.34 per cent from 15.94 to 15.56 level. The fear gauge is near its lowest levels of last 17 months since February 2020 and a falling VIX can extend the bullish market momentum towards a fresh new high territory.
On the options front, maximum Put OI stood at 15,000 level followed by 14,500, while maximum Call OI was seen at 16,000 level followed by 15,500. Minor Call writing was seen at 15,800 and then 16,100 levels while there was Put writing at 15,700 and 15,100 levels. Options data suggested an immediate trading range between 15,500 and 16,000 levels.
Bank Nifty opened positive but remained consolidative in a range of 200 points throughout the day. It formed a Doji candle or a Harami Cross candle on the daily scale and recently got stuck in range between 35,000 and 35,800 levels in the past seven sessions. Now it has to hold above 35,250 level to witness a bounce towards 35,750 and 36,000 levels, while on the downside support exists at 35,000 and 34,750 levels.
Nifty futures closed positive with the gains of 0.50% at 15,780 level. Among specific stocks, the trade setup looked bullish in
, Adani ports, Tata Power, NTPC, , BHEL, PVR, GAIL, , Cemen4, Ambuja Cement, REC, Berger Paint, Tatacl Consumers, L&T and TCS, but weak in NMDC, , PNB, Apollo Hospital and Havells.
