Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened positive but failed to cross and hold above 18777-18800 zones and drifted lower throughout the day. It breached its previous day’s low and touched intraday low of 18669 in the last hour to close with losses of around 70 points. Index remained in overall pressure and witnessed profit booking decline. It formed a Bearish candle on daily scale but has been making higher highs from the last three sessions

📊 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 0.72% from 11.16 to 11.08 levels. Volatility was slightly down and is at overall lower levels causing premiums to squeeze

 

🧮 On option front, weekly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18700 then 18600 strike. Call writing is seen at 18700 then 18800 strike while Put writing is seen at 18700 then 18500 strike. Option data suggests a broader trading range in between 18450 to 18900 zones while an immediate trading range in between 18600 to 18800 zones

🔎 *Bank Nifty*

Index opened on a flattish note and failed to hold above 44044 marks and gradually drifted by more than 500 points towards 43400 zones. It finally broke its crucial 20DEMA on the daily scale and gave a range breakdown after fourteen sessions. It formed a Big Bearish candle on daily scale as sustained selling pressure was seen throughout the day as private Banks remained under pressure

📊 Now till it holds below 43750 zones weakness could be seen towards 43250 then 43000 levels while on the upside hurdle is placed at 43750 then 44000 levels

🔎 *Fin Nifty*

Index opened flattish and witnessed sustained selling pressure throughout the trading session. It gave a range breakdown of the last twelve trading sessions and closed below its crucial 20DEMA which implies pause in the current up move. It formed a Bearish Marubozu candle on daily frame which suggests dominance by bears. 

📊 Now till Fin Nifty holds below 19350 levels weakness could be seen towards 19100 then 18980 zones while on the upside hurdle is seen at 19372 then 19500 levels

*Stocks* 

🚀 Bullish setup in L&TFH, Godrejprop, Apollo Hospital, IDFC First Bank, Drreddy, Cipla, Lupin, Dabur, BPCL, Nestleind, ITC, M&M, Bata India and Asian Paint

🐻 Bearish setup in ZEEL, RBL Bank, Heromotoco, PNB, Can Bank, Bandhan Bank, Tatachem, Bank Baroda, Wipro, Federal Bank, SBIN, Kotak Bank, HDFC Bank, Eicher Motor and HDFC