India VIX moved up 0.41 per cent from 12.94 to 12.99 level, whole every decline in the VIX after the spurt of last session has provided some stability to the market.
On the options front, maximum Put Open Interest stood at 15,500 level followed by 15,000, while there was maximum Call OI at 16,000 followed by 15,800 levels. There was minor Call writing at 15,800 and then 15,900 levels, minor Put writing was seen at 15,000 and 15,500 levels. Options data suggested an immediate trading range between 15,500 to 15,900 levels.
Bank Nifty opened positive and moved in a consolidative manner for most part of the day. It almost touched 34,400 level, but failed to hold higher levels and closed the day with a gain of around 125 points. It formed a bearish candle on the daily scale, but negated the formation of lower lows of last two sessions. Now it has to hold above 35,000 level to move up towards 35,250 and 35,500 levels, while on the downside support exists at 34,750 and 34,500 levels.
Nifty futures closed negative with a loss of 0.09 per cent at 15,708 level. Among specific stocks, the trade setup looked bullish in
, Federal Bank, DLF, , , Grasim, Ambuja cement, ACC, , IRCTC, Havells, Tata Consumers, Apollo Hospital and Ashok Leyland but weak in Hindpetro, Mindtree, BPCL, HDFC Bank, Bajaj Auto, and TCS.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
