India VIX remained flattish at 12.80 level after seeing a decline in last two sessions. A decline in volatility has again given a grip to the bulls but now VIX has to cool down below 12 zone to provide more comfort.
On the Options front, maximum Put Open Interest stood at 15,000 level followed by 15,800 while maximum Call OI was seen at 16,000 followed by 15,800 levels. Minor Call writing was seen at 15,900 and then 16,000 while there was Put writing at 15,900 and then 15,800 levels. Options data suggested a broader trading range between 15,600 and 16,200 levels, while an immediate trading range is seen between 15,800 and 16,000 levels.
Bank Nifty opened positive. While it moved in a consolidative manner throughout the day, the last hour saw some weakness. Banking stocks continued to move in a lacklustre way and settled the day with a gain of around 130 points. It formed a bearish candle on daily chart, but negated the formation of lower highs of the last three sessions. Now, it has to hold above 34,750 level to move up towards 35,000 and 35,250 levels, while on the downside, support exists at 34,500 and 34,350 levels.
Nifty futures closed positive with a gain of 0.84 per cent at 15,910 level. Among specific stocks, the trade setup looked bullish in PEL, Concor, Tata Power,
, DLF, SRF, Vedanta, Bata India, REC, Titan, PFC, Grasim, Ambuja Cement, , TCS, PVR, Infosys and Mindtree but weak in UPL, , Exide India, and .
(Chandan Taparia is a Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
