Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened gap up by 33 points and witnessed whipsaw in the initial hour of the session which was followed by recovery in the next half and finally the last hour saw a decline and quick retrieval. After a roller coaster day within a range of 80 points, the index touched high of 18875 zones merely a few points away from its all-time high levels. Domestic cues are strong and buying across sector is keeping the market afloat. Any small decline is converted into buying and it closed with gains of around 40 points. It formed a Doji sort of candle on daily frame with longer lower shadow

📊 Now it has to hold above 18818 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18786 and 18710 zones

🎢 India VIX was up by 1.44% from 11.13 to 11.29 levels. Volatility was slightly on the rise but moved in its previous day’s range. It has been hovering in a rather smaller 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 18800 then 18700 strike. Call writing is seen at 18900 then 19000 strike while Put writing is seen at 18800 then 18850 strike. Option data suggests a shift in broader trading range in between 18600 to 19000 zones while an immediate trading range in between 18700 to 18950 zones

🔎 *Bank Nifty*

Index opened on a positive note near 43900 zones but remained consolidative in a narrow range of 200 points between 43700 to 43900 zones for most part of the session. It formed a small bodied candle on daily scale and ended the day with marginal gains near 43850 zones. Index has been consolidating in between 43333 to 44044 zones from the last five sessions as momentum is missing on either side and it closed near its 20DEMA

📊 Now it has to continue 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 continued its bullish momentum right from the initial tick and witnessed buying interest throughout the entire trading session. It has finally managed to surpass its consolidation band of 19000-19636 zones after 35 trading sessions as buying was seen in selective financial heavyweights. It formed a strong bullish candle on daily chart and managed to close above its crucial 20DEMA

📊 Now till it holds above 19500 levels momentum can extend towards previous life time high of 19778 then 20000 zones while on the downside supports are placed at 19500 then 19400 zones

*Stocks* 

🚀 Bullish setup in Lupin, Motherson, India Cement, Lichsgfin, Exideind, Powergrid, IGL, Ibulhsgfin, Muthootfin, Recltd, Apollo Tyre, PFC, Metropolis, M&MFin, HDFC, HDFC Bank, Bank Baroda, Bhartiartl, Grasim and Naukri 

🐻 Bearish setup in Poly Cab, AU Bank, Bandhan Bank, Marico, Hindalco, Gail, M&M, ITC, SBI Card and Indusind Bank