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Tuesday, June 20, 2023

Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 
Index opened positive and touched 18881 in the initial tick which is merely few points away from its life time high of 18888 marks. It kept sliding thereafter during the entire session with slight recovery in the last hour but respected its previous day’s low. It formed a Bearish Belt Hold sort of candle on daily frame and closed with losses of around 70 points. Supports are being respected and it has been making higher highs from the last five sessions but index is facing some pressure and profit booking at higher zones

📊 Now it has to cross and 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 up by 3.55% from 10.84 to 11.22 levels. Volatility was on the rise and discomforted the bulls on account of profit booking at record high levels
 
🧮 On option front, weekly maximum Call OI is at 18800 then 19000 strike while maximum Put OI is at 18700 then 18600 strike. Call writing is seen at 18900 then 18800 strike while minor Put writing is seen at 18600 strike. Option data suggests a shift in broader trading range in between 18550 to 19000 zones while an immediate trading range in between 18650 to 18850 zones

🔎 *Bank Nifty*
Index opened on a positive note but failed to surpass a key hurdle of 44044 marks and corrected by more than 500 points towards 43500 zones. However some recovery was seen from lower zones but again it failed to hold above 43750 zones and remained in a zig zag manner in the later part of the session. It formed a Bearish candle on daily scale as selling pressure was seen at higher zones and it relatively underperformed the broader market

📊 Now it has to cross above 43750 zones for a bounce toward 44044 then 44250 zones while a hold below the same could see some weakness towards 43500 then 43333 marks

🔎 *Fin Nifty*
Index opened gap up but failed to hold gains and witnessed selling pressure towards 19361 zones. However slow and gradual recovery was seen in the latter half of the trading session. It has been consolidating in a narrow range between 19000 to 19600 levels since the last 33 trading sessions and requires a decisive range breakout on either side to commence the next leg of rally

📊 Now till it holds above 19300 levels momentum can extend towards 19550 then 19636 zones while a fall below the same could take it towards 19200 zones

*Stocks* 
🚀 Bullish setup in Lal Path Labs, M&M Fin, Bank Baroda, ICICI Pru, Dixon, Bajfinance, HDFC Life, Abbot India, Ashokley, HAL, Cumminsind, Intellect and Delta Corp 

🐻 Bearish setup in Motherson, Heromotoco, HDFC AMC, ACC, IGL, Kotak Bank, Marico, Eicher Motor, Gujgas, MGL, Voltas and Havells

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