Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

◆ Nifty index opened positive and after a slight decline in the initial tick, it regained strength and moved in the upward direction throughout the day. It touched intraday high of 18768 zones and closed with gains of around 40 points. Index remained afloat but has been moving in a lackluster way. 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 18888 and 19000 zones while on the downside support exists at 18676 and 18636 zones

◆ India VIX was up by 0.47% from 11.11 to 11.16 levels. Volatility was slightly high but overall lower levels have supported the bulls at higher zones

 

◆ On option front, weekly maximum Call OI is at 18900 then 18800 strike while maximum Put OI is at 18700 then 18600 strike. Minor Call writing is seen at 18850 then 18900 strike while meaningful Put writing is seen at 18700 then 18750 strike. Option data suggests a broader trading range in between 18500 to 18900 zones while an immediate trading range in between 18650 to 18850 zones

◆ Bank Nifty opened on a positive note near 44200 zones but failed to hold its opening gains and drifted gradually towards 43950 zones. It remained consolidative in a narrow range of 100 points for most part of the session and closed below 44000 zones. It formed a Bearish candle on daily scale as it closed below its opening levels but index is holding above its crucial support of 20 DEMA. It has got stuck in range of 300 points from past few sessions and requires a decisive close above 44144 zones for any major momentum

◆ 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 Tataconsum, Oberoirlty, Zydus Life, Tatacomm, Grasim, HAL, IDFC First Bank, OFSS, Tatasteel, L&TFH, Jswsteel, MGL, Godrejprop, Ashokley, Tatamotors, Trent and Apollo Hospital

◆ Bearish setup in Bandhan Bank, Ipca Labs, Balram Chini, BHEL, MFSL and HDFC