Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened positive and kept moving in the northward direction throughout the day and touched intraday high of 18864 zones, merely a few points away from its life time high levels. Bulls were in complete dominance in the second half of the session and gave the highest ever closing with gains of around 140 points. It formed a Bullish candle on daily scale and has been making higher highs from the last four sessions. It formed a Bullish candle on weekly frame and has been making higher highs from the last twelve weeks

📊 Now it has to hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18676 zones

🎢 India VIX was down by 2.17% from 11.08 to 10.84 levels. Volatility sunk lower and supported the bulls at record high index levels

 

🧮 On option front, weekly maximum Call OI is at 18800 then 19000 strike while maximum Put OI is at 18700 then 18800 strike. Call writing is seen at 19100 then 19000 strike while Put writing is seen at 18800 then 18700 strike. Option data suggests a shift in broader trading range in between 18550 to 19000 zones while an immediate trading range in between 18700 to 18900 zones

🔎 *Bank Nifty*

Index opened on a positive note near 43600 zones but remained consolidative in a narrow range of 150 points between 43650 to 43800 in the first half of the session. However good momentum was seen in the last hour of the session as swift movement of 300 points was seen towards 44100 zones. It formed a Bullish candle on daily scale as buying was seen in heavyweights and ended with decent gains of 500 points. On weekly scale it formed a small bodied candle with long shadow as buying is visible at lower zones but negated the formation of highs lows after thirteen weeks

📊 Now it has to hold above 43750 zones for a bounce towards 44144 then 44250 levels while on the downside support is seen at 43750 then 43500 zones

🔎 *Fin Nifty*

Index opened gap up and witnessed buying interest right from the initial tick and continued the momentum throughout the entire trading session. It formed a strong bullish candle on daily frame and Doji on weekly frame indicating that buying is visible at lower levels

📊 Now till it holds above 19300 levels momentum can extend towards 19600 then previous life time high of 19778 zones while on the downside supports are placed at 19300 then 19200 zones

*Stocks* 

🚀 Bullish setup in HDFC Life, Ashokley, Exide, ICICI Pru, M&MFin, HAL, IRCTC, Lichsgfin, BHEL, SBI Life, IDFC First Bank, BEL, Ind Hotel, Naukri, Bajaj Finserv, IDFC, Cholafin, Trent, Bharatforg, Titan, Muthootfin, ITC, Mcdowell, and Balkrishna Ind 

🐻 Bearish setup in Bajaj Auto, Guj Gas, TCS and NMDC