India VIX fell 0.17 per cent from 16.52 to 16.49 level. A spurt in India VIX in the last few sessions has triggered a volatile swing and now it has to cool down below 14 level to continue the bullish stance in the market.
On the Options front, maximum Put Open Interest stood at 17,000 followed by 17,500 levels while maximum Call OI was at 17,500 followed by 18,000 levels. There was marginal Call writing at 17,600 and then 17,500 while minor there was Put writing at 17,300 and then 17,250 levels. Options data suggested a broader trading range between 17,000 and 17,800 levels while an immediate trading range was seen between 17,300 and 17,700 levels.
Bank Nifty opened positive but failed to surpass previous day’s high and remained weak for the entire day. It continued to form lower highs since the last three sessions and formed a bearish candle on the daily scale. Now, it has to continue cross and hold above 37,000 level to witness a bounce towards 37,350 and 37,800 levels while on the downside major support was seen at the 36,500 level.
Nifty futures closed flat to positive with a gain of 0.04 per cent at 17,566 level. Among specific stocks, bullish setup was seen in ZEEL, Godrej Properties, DLF, Balkrishna Industries, Apollo Tyre, LIC Housing Finance, Indian Hotels Company, Canfin Homes, Alembic Pharmaceuticals, PVR, TechM, Mindtree, Coal India, Escorts, Mcdowell, Tata Motors, IEX, LTTS, UBL, LTI, Hcl Tech, PEL and Reliance but weak in Metropolis, Godrej Consumer Products, IGL, Gujarat Gas, HDFC, Shree Cement and MGL.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
