◆ Nifty index opened positive and witnessed a stellar move in the first tick which was followed by some consolidative move and remained in the positive territory. It touched intraday high of 18728 zones and closed with gains of around 110 points. It formed a Bullish candle on daily scale and bulls established a strong closing after days of lackluster move
◆ Now it has to hold above 18676 zones to witness an up move towards 18777 and 18888 zones while on the downside support exists at 18636 and 18550 zones
◆ India VIX was down by 1.16% from 11.24 to 11.11 levels. Volatility cooled off today which comforted the bulls at higher zones
◆ On option front, weekly maximum Call OI is at 18900 then 18700 strike while maximum Put OI is at 18700 then 18600 strike. Minor Call writing is seen at 18900 then 18800 strike while meaningful Put writing is seen at 18700 then 18650 strike. Option data suggests a broader trading range in between 18500 to 18900 zones while an immediate trading range in between 18600 to 18800 zones
◆ Bank Nifty managed to hold its previous day’s low and gradually moved higher towards 44120 marks in the initial hour of the session. Later it remained consolidative in a narrow range of 150 points while good spurt of 100 points was seen in the last hour of the day. It formed a Bullish candle on daily scale and negated the formation of lower highs after three trading sessions. Overall buying is visible at lower zones and index is holding above its crucial support of 20 DEMA
◆ Now it has to hold above 44044 zones for an up move towards 44250 then 44500 zones while on the downside support is seen at 43900 then 43750 levels
◆ Bullish setup in Tatacomm, OFSS, Trent, Dixon, ABB, Berger Paint, Cumminsind, Godrejprop, DLF, Auropharma, IDFC First Bank, IDFC, BEL, Cholafin, Asian Paint, Siemens, Titan, LTTS, MuthootFin, ITC, Mcdowell, Bata India, Poly Cab, Naukri, Colpal, Dabur, Axis Bank and Ultracemco
◆ Bearish setup in Concor, Kotak Bank, Maruti, SBIN and Wipro
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