Now, it has to hold above 15,700 level to witness a bounce towards a fresh lifetime high of 15,900, while on the downside support exists at 15,600 and 15,550 levels.
India VIX fell 2.22% from 15.56 to 15.25 levels. 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 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 level followed by 16,200. Minor Call writing was seen at strike prices 15,700 and 16,150, while there was meaningful Put writing at 15,700 and then 15,600 levels. Options data suggested an immediate trading range between 15,500 and 16,000 levels.
Bank Nifty opened flat, but started to witness profit booking in the opening tick and drifted towards 34,962 level. It closed with a loss of around 360 points and formed a bearish candle on the daily scale with the continuation of lower high formations since the last two sessions. Now, it has hold above the 34,900-35,000 zone to witness a bounce towards 35,500 and 35,750 levels while on the downside support exists at 34,750 and 34,500 levels.
Nifty futures closed flat to negative with a loss of 0.13% at 15,764 level. Among specific stocks, the trade setup looked bullish in PEL, SRF,
, , MFSL, , TechM, Glenmark, Infosys, , Mindtree, HCL Tech and Titan but weak in Voltas, Canara Bank, Hindalco, PNB, Kotak Bank and Havells.
