Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened positive and remained in the range of its initial hour for the rest of the session. It took support near 19339 zones and faced some capped move on the upside. Recovery was seen in the last hour and it managed to close near 19400 zones with gains of around 10 points. It formed an Inside Bar on daily frame and has been making higher lows from the last six sessions

📊 Now it has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones while on the downside support is intact at 19250 and 19100 zones

🎢 India VIX was up by 1.56% from 11.70 to 11.88 levels. Volatility was on the rise and made the index consolidate in a range with slight profit booking

🧮 On weekly front, Maximum Call OI is at 19500 then 19400 strike while Maximum Put OI is at 19300 then 19000 strike. Call writing is seen at 19500 then 19550 strike while Put writing is seen at 19350 then 19400 strike. Option data suggests a broader trading range in between 19100 to 19600 zones while an immediate trading range in between 19250 to 19500 zones

🔎 *Bank Nifty*

Index marginally lower but remained consolidative in a narrow range of 200 points between 45100 to 45300 zones for most part of the trading session. It formed an Inside Bar and a Doji on daily scale but higher lows formation is intact from the last six sessions. Some profit booking was seen in selective private banks but it managed to hold its support of 45000 zones

📊 Now it has to continue to hold above 45000 zones for an up move towards 45500 then its recent life high of 45650 zones while on the downside support shift higher at 45000 then 44750 levels

🔎 *Fin Nifty*

Index opened negative and witnessed selling pressure right from the initial tick and cracked by almost 150 points. It has negated its higher highs-higher lows formation after five trading sessions as small pause is now visible in the ongoing uptrend after clean rally of more than 1000 points in last seven trading sessions. It formed a Bearish candle on daily scale however overall setup is still bullish

📊 Now it has to continue to hold above 20100 zones to extend the gain towards 20400 then 20550 levels while a hold below the same can drag it towards 20000 then 19900 level

*Stocks* 

🚀 Bullish setup in BHEL, Bajaj Auto, Divislabs, Colpal, Hindpetro, Heromotoco, Maruti, HDFC Life, Godrejcp, Exideind, Oberoirlty, DLF, BPCL, Techm, Dabur, Bharatforg, Jindalstel, Hindunilvr, Britannia, ITC, ICICI Bank, M&M and Titan 

🐻 Bearish setup in Dixon, HDFC Bank, HDFC Ltd, Astral, Eicher Motor, SRF and Page Ind