Now, the index has to hold above 15,750 level to witness a bounce towards 15,900 and 16,000 levels while on the downside support can be seen at 15,600 and 15,550 levels.
India VIX fell 2.14% from 15.06 to 14.73 levels. The fear gauge has come to the levels of Feb 2020 from where it had spiked to higher zones. Lower volatility indicates an overall bullish market bias but small bounce in VIX could give some volatile cues to the market.
On the options front, maximum Put OI was seen at 15,500 followed by 15,000 levels, while maximum Call OI was seen at 16,000 followed by 15,900 levels. Call writing was seen at 15,900 and then 16,000 levels, while there was Put writing at 15,800 and then 15,650 levels. Options data suggested a trading range between 15,500 and 16,000 levels.
Bank Nifty opened positive, but failed to hold above its hurdle of 35,250 and gradually drifted towards 34,650 level. It formed a bearish candle on daily scale and stuck in the grip of option writers ahead of its monthly expiry. Now it has to hold above 34,750 level to move towards 35,000 and 35,250 levels, while on the downside support exists at 34,500 and 34,250 levels.
Nifty futures closed positive with gains of 0.08% at 15,757 level. Among specific stocks, the trade setup looked bullish in
, PEL, UPL, ICICI Pru, Concor, Wipro, Tata Consum, L&T, , BEL, ACC, Muthoot Finance, Bajaj Auto, Infosys and Titan but weak in Bajaj Finance, , MFSL, M&M Financial, Godrej Consumer and Dabur.
