Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

◆ Nifty index opened flattish and witnessed buying interest throughout the day and it went on to touch 18335 zones. The second half of the session was comparatively range bound and it finally closed with gains of around 110 points. Buying at support zones continued from its previous session and it remained afloat. It formed a Bullish candle on daily scale and negated its lower highs formation of the last four sessions

◆ Now it has to hold above 18281 zones, for an up move towards 18400 and 18442 zones while on the downside support exists at 18181 and 18081 zones

◆ India VIX was up by 2.20% from 12.30 to 12.57 levels. Volatility was slightly high during the day but overall lower levels continued comforting the bulls at support zones

◆ On Option front, monthly Maximum Call OI is at 18500 then 18300 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18500 then 18300 strike while meaningful Put writing is seen at 18200 then 18300 strike. Option data suggests a broader trading range in between 18000 to 18500 zones while an immediate trading range in between 18150 to 18450 zones

◆ Bank Nifty opened on a flattish note but failed to hold 44000 zones and drifted gradually towards 43700 zones in the latter part of the session. Some recovery was seen from lower zones in the last hour but it relatively underperformed the broader market to close with marginal losses of around 80 points. It formed a small bodied candle on daily scale as buying is visible at lower zones while multiple hurdles are intact at higher levels. Index has got stuck in between 43333 to 44144 zones from the past seven sessions and follow up is missing on either side

◆ Now it has to continue to hold above 43750 zones for an up move towards 44144 then 44250 zones while on the downside support is seen at 43500 then 43333 levels

◆ Bullish setup in Balkrisind, Ambuja Cement, Ramco Cement, BEL, Mphasis, Persistent, Techm, LTTS, TCS, Coforge, Hcltech, Bsoft, Cumminsind, DLF, IOC, AU Bank, Apollo Tyre, ITC, HAL, Maruti and M&M 

◆ Bearish setup in Siemens, Alkem and UBL