India VIX moved up marginally by 0.24% from 13.36 to 13.40 levels. The fear gauge has not moved above the 16-16.50 zone in last three weeks and hovered near its lowest level in last 17 months. Lower volatility indicates an overall bullish market bias, but a small bounce in VIX can give some volatile cues to the market.
On the options front, maximum Put OI was seen at 15,500 level followed by 15,000 while maximum Call OI was seen at 16,000 followed by 16,500 level. Call writing was seen at 16,400 and 16,500 levels while Put writing was seen at 15,200 and 15,600 levels. Options data suggests a wider trading range between 15,500 and 16,200 levels while an immediate range was seen between 15,600 and 16,000 levels.
Bank Nifty opened positive but failed to hold above 35,550 level and remained consolidative in a range between 35,250 and 35,550 levels. It was unable to continue its momentum of the last session and closed the day on the flat note. Now it has to hold above 35,250 level to move up towards 35,750 and 36,000 levels while on the downside support exists at 35,000 and 34,750 levels.
Nifty futures closed negative with a loss of 0.16% at 15,863 level. On the stocks front, the trade setup looked bullish in Nalco,
, IGL, UBL, Cadila, Glenmark, PNB, Dr Reddy, Escorts, , Divi’s Labs, TechM, , , Tata Consumers, SRF, Cipla and Eicher Motor but weak in Titan, Chola Finance, , HDFC, Reliance, ITC and BPCL.
