India VIX moved up marginally by 0.13% at 24.92 levels.
After a volatile session, the Nifty ended in the negative territory on July 10 led by mixed global cues. However, it managed to erase some intraday losses helped by pharma, FMCG and energy stocks.
Nifty ended below 10800-level forming a Doji candle on the daily scale as it closed near the opening level which indicates an indecisive market stance.
According to experts, Nifty continues to hold above 10700 to extend its move towards 11000 levels while key support exists at 10650 then 10550 levels.
For time being, traders are advised to shift their focus on stock-specific opportunities as the index is clearly in no trade zone, said Mazhar Mohammad of Chartviewindia.in.
India VIX moved up marginally by 0.13% at 24.92 levels. Lower volatility suggests an overall bullish stance with buy on decline strategy in the market.
"Nifty index opened negative but remained consolidative for most part of the session in between 10700 to 10800 zones. It closed the day with the loss of around 50 points but Technically, it formed a Doji candle on a daily scale as it closed near to its opening zones which indicate an indecisive market stance," said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited.
"It formed a small body Bullish candle on a weekly scale which indicates overall bullish structure even after multiple hurdles at 10800-10850 zones," he added.
On option front, Maximum Put Open Interest (OI) is at 10000 followed by 9000 strike, while maximum Call OI is at 11500 followed by 11000 strike. Call writing in 11500 than 11000 strike while Put writing is seen at 10400 then 10500 strike.
Bank Nifty opened negative and underperformed the Nifty index as it declined by more than 2% on the last session of the week. It failed to continue previous day’s momentum and formed a Bearish candle on daily while a Spinning Top kind of candle on a weekly scale which doesn’t bode well for the bulls.
"It is near to a crucial juncture as it is holding to a rising support trend line by connecting all the recent swing lows. Now it has to cross and hold above 22500 zones to witness an up move towards 23000 then 23500 zones while on the downside key support exists at 22000 then 21500 levels, said Chandan Taparia.