F&O: Nifty50 makes higher highs & lows for third session
By Chandan Taparia
The Nifty50 index opened flat on Friday and remained rangebound for most part of the session. It has been making higher highs and higher lows for last three sessions. It formed a Doji candle on the daily chart, which means followup buying was missing at higher levels.
As long as it holds above 10,276 level, the Nifty50 can extend its move towards 10,440, while on the downside, supports are seen at 10,222 and then 10,180 levels.
On the options front, maximum Put open interest stood at strike price 10,000 followed by 10,200 while maximum Call OI was at 10,500 followed by 11,000. Put writing was seen at strike prices 10,300 and 10,000 while Call writing was seen at 10,500 and then 10,450. Options data suggested Nifty’s trading range between 10,200 and 10,450 levels.
India VIX remained flat at 14.74. However, VIX needs to hold below 13.50-13 zone to get short-term stability in the market.
Bank Nifty opened flat and managed to settle above 24,750 on a closing basis. It finally negated formation of lower highs on the weekly chart and started making higher highs and higher lows since last three sessions.
The index formed a bullish candle on the daily chart, which implies that the bulls had an upper hand in the market. Now, Nifty has to hold above 24,750 level to extend its move towards 25,000 and then 25,250 levels, while on the downside, major support exists at 24,500 level.
Nifty futures closed with a 0.10 per cent loss at 10,342. Long buildup was seen in Jubilant Foodworks, MindTree, Allahabad Bank, Torrent Pharma, NIIT Tech, Havells, Sun TV, Titan and PTC while shorts were seen in Godrej Industries, Apollo Hospital, Siemens, TVS Motor, Bajaj Auto and Marico.
(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 flat on Friday and remained rangebound for most part of the session. It has been making higher highs and higher lows for last three sessions. It formed a Doji candle on the daily chart, which means followup buying was missing at higher levels.
As long as it holds above 10,276 level, the Nifty50 can extend its move towards 10,440, while on the downside, supports are seen at 10,222 and then 10,180 levels.
On the options front, maximum Put open interest stood at strike price 10,000 followed by 10,200 while maximum Call OI was at 10,500 followed by 11,000. Put writing was seen at strike prices 10,300 and 10,000 while Call writing was seen at 10,500 and then 10,450. Options data suggested Nifty’s trading range between 10,200 and 10,450 levels.
India VIX remained flat at 14.74. However, VIX needs to hold below 13.50-13 zone to get short-term stability in the market.
Bank Nifty opened flat and managed to settle above 24,750 on a closing basis. It finally negated formation of lower highs on the weekly chart and started making higher highs and higher lows since last three sessions.
The index formed a bullish candle on the daily chart, which implies that the bulls had an upper hand in the market. Now, Nifty has to hold above 24,750 level to extend its move towards 25,000 and then 25,250 levels, while on the downside, major support exists at 24,500 level.
Nifty futures closed with a 0.10 per cent loss at 10,342. Long buildup was seen in Jubilant Foodworks, MindTree, Allahabad Bank, Torrent Pharma, NIIT Tech, Havells, Sun TV, Titan and PTC while shorts were seen in Godrej Industries, Apollo Hospital, Siemens, TVS Motor, Bajaj Auto and Marico.
(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)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)