India VIX fell 2.04 per cent from 12.87 to 12.60 level. Stability in volatility indicates that the bulls are holding the market to cheer the fresh momentum.
On the Options front, maximum Put Open Interest stood at 15,000 level followed by 16,000, while maximum Call OI was seen at 16,500 followed by 16,000 level. Minor Call writing was seen at 16,700 and then 16,550 levels, while there was Put writing at 16,000 and then 16,300 levels. Options data suggested a broader trading range in between 16,000 and 16,500 levels.
Bank Nifty opened positive, but moved in a decelerated manner throughout the day. Selective banking stocks were on the move but the overall banking index was lacking the strength. Despite crossing the 36,000 level, it could not sustain at higher zones and closed flattish with losses of around 25 points. It formed a bearish candle or an Inside Bar on daily scale and a bullish candle on weekly frame. Now it has to hold above 35,800 zone to witness a bounce towards 36,250 and then 36,500 levels, while on the downside support are seen at 35,500 and then 35,250 levels.
Nifty futures closed negative with a loss of 0.19 per cent at 16,269 level. Among specific stocks, the trade setup looked bullish in
, , Adani Ports, PEL, Tata Consumer Products, TechM, , PFC, Bata India, Siemens, TCS, Kotak Bank and Lupin but weak in Cipla, RBL Bank, , Berger Paint, Ramco Cement, Sun TV 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)
