Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened flattish and after a decline in the initial hour, it recovered by 180 points to hit intraday high of 18839 marks. It touched intraday low of 18660 which acted as a buying zone. Bulls took control in the last hour and it closed with gains of around 60 points. It formed a Bullish candle on daily frame but broke its higher highs formation of the last five sessions

📊 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 18666 zones

🎢 India VIX was down by 0.78% from 11.22 to 11.13 levels. Volatility fell and comforted the bulls at support zones. It has been hovering in a small range from the last few weeks

 

🧮 On option front, weekly maximum Call OI is at 19000 then 18900 strike while maximum Put OI is at 18700 then 18800 strike. Call writing is seen at 18950 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 18650 to 18900 zones

🔎 *Bank Nifty*

Index opened marginally lower and gradually drifted towards its key support of 43333 marks in the initial half of the session. It witnessed good recovery from lower zones as it wiped out its intraday losses to close in the positive territory near 43750 zones. It formed a Hammer kind of candle on daily scale as buying was seen from lower zones and closed near its 20DEMA

📊 Now it has to hold above 43750 zones for a bounce toward 44044 then 44250 zones while on the downside support 43500 then 43333 marks

🔎 *Fin Nifty*

Index opened flattish and witnessed selling pressure towards 19302 zones in the initial hour of the trading session. However smart recovery was seen in the second half as it trimmed all the intraday losses and closed the day with gains of around 80 points. It formed a Bullish candle on daily chart and hovering near its crucial 20 DEMA indicating overall bullish bias

📊 Now till it holds above 19400 zones momentum can extend towards 19636 then previous life time high of 19778 zones while on the downside supports are placed at 19400 then 19300 zones

*Stocks* 

🚀 Bullish setup in PEL, Balkrishna Ind, Balkrishna, Lalpath Labs, Rec Ltd, Metropolis, Exide Ind, PFC, Jindalstel, Tatamotors, Deepakntr, LTTS, Hcltech, L&TFH, HDFC Life, Powergrid, Cumminsind, Techm, M&MFin, Bata India and LT

🐻 Bearish setup in ZEEL, Concor, SBI Card, Bandhan Bank, Ambujacem, Bharatforg, BPCL and Colpal