F&O: Nifty fails to cross hurdle at 9,921; supports shift higher
ET CONTRIBUTORS|
Updated: Oct 03, 2017, 04.38 PM IST
By Chandan Taparia
The Nifty50 index opened in the positive but failed to surpass the 9,900 level and remained choppy in a 30-point range for most part of the day. It continued the bounceback move for three consecutive sessions after forming a short-term bottom near the 9,685 mark.
Even after the recovery of last three sessions, the Nifty50 failed to surpass a big negative candle at 9,921 and 9,714 formed on September 27. Now, it has to continue to hold above the 9,820 level to extend the bounceback towards 9,900 and 9,928. On the downside, supports are seen at 9,777 and 9,720 levels.
On the options front, maximum Put open interest stood at strike price 9,700 followed by 9,800 while maximum Call OI was at 10,000 followed by 9,900. Fresh Put writing was seen at strike prices 9,800, 9,900 and 9,700 while fresh Call writing was seen at strike price 10,100. Options data suggests a shift in support and resistance to higher levels, which may extend the bounceback move.
India VIX fell 0.96 per cent to 12.36 and falling volatility from last three sessions is supporting the buying interest.
Bank Nifty opened in the positive but failed to surpass previous day’s high of 24,227 and remained choppy in a 100-point range for most part of the day ahead of RBI policy review.
It underperformed the Nifty index and closed with a marginal gain of around 50 points. The Bank Nifty has to hold above 24,000 to witness a bounce towards 24,350 and then 24,500 levels while a slip below 23,850 could start a downward move towards 23,500.
Nifty futures closed with a gain of 0.68 per cent at 9,866. Long buildup was seen in GAIL, Voltas, HDFC, Bharti Infratel, Godrej Consumer Products, Hindustan Zinc, India Cement, PC Jeweller, MindTree, VEDL, Asian Paint and OIL India, while shorts were seen in PowerGrid, Hexaware, DishTV, ACC, Star, Axis Bank and Bharat Financial.
(Chandan Taparia is Technical & Derivative Analyst at Motilal Oswal Securities. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
The Nifty50 index opened in the positive but failed to surpass the 9,900 level and remained choppy in a 30-point range for most part of the day. It continued the bounceback move for three consecutive sessions after forming a short-term bottom near the 9,685 mark.
Even after the recovery of last three sessions, the Nifty50 failed to surpass a big negative candle at 9,921 and 9,714 formed on September 27. Now, it has to continue to hold above the 9,820 level to extend the bounceback towards 9,900 and 9,928. On the downside, supports are seen at 9,777 and 9,720 levels.
On the options front, maximum Put open interest stood at strike price 9,700 followed by 9,800 while maximum Call OI was at 10,000 followed by 9,900. Fresh Put writing was seen at strike prices 9,800, 9,900 and 9,700 while fresh Call writing was seen at strike price 10,100. Options data suggests a shift in support and resistance to higher levels, which may extend the bounceback move.
India VIX fell 0.96 per cent to 12.36 and falling volatility from last three sessions is supporting the buying interest.
Bank Nifty opened in the positive but failed to surpass previous day’s high of 24,227 and remained choppy in a 100-point range for most part of the day ahead of RBI policy review.
It underperformed the Nifty index and closed with a marginal gain of around 50 points. The Bank Nifty has to hold above 24,000 to witness a bounce towards 24,350 and then 24,500 levels while a slip below 23,850 could start a downward move towards 23,500.
Nifty futures closed with a gain of 0.68 per cent at 9,866. Long buildup was seen in GAIL, Voltas, HDFC, Bharti Infratel, Godrej Consumer Products, Hindustan Zinc, India Cement, PC Jeweller, MindTree, VEDL, Asian Paint and OIL India, while shorts were seen in PowerGrid, Hexaware, DishTV, ACC, Star, Axis Bank and Bharat Financial.
(Chandan Taparia is Technical & Derivative Analyst at Motilal Oswal Securities. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
