F&O: Bullish Nifty lifts trading range to 14,500-15,200 zone

Nifty opened flat on Thursday and witnessed some revenue reserving within the preliminary hour, however that dip bought purchased into well throughout the remainder of the session and took the index in the direction of the 14,900 degree. The session ended with some consolidation, and features of round 100 factors to its highest-ever shut.

Nifty fashioned a bullish candle on the every day scale and continued to type greater excessive and low for the fourth session. Now, it has to maintain above 14,750 degree to proceed its bullish momentum in the direction of 15,000 after which 15,250 ranges whereas assist might be seen round 14,600 after which 14,500 ranges.

India VIX slipped 2.60% from 23.74 to 23.12 degree. Now, VIX wants to settle down and maintain beneath 20 degree for continuation of the continuing momentum at a better market base.

On the choices entrance, most Put open curiosity stood at 14,000 degree adopted by 13,500, whereas most Call OI was seen at 15,000 adopted by 15,500 ranges. There was Put writing at strike costs 14,000 and 14,700 whereas some Call writing was seen at 14,900 and 15,500 ranges. Options information recommended a wider trading range between 14,500 and 15,200 ranges.

Bank Nifty opened adverse, however managed to maintain assist at 34,250 degree and the bullish momentum in all of the banking shares drove the index above the 35,400 mark. There was bullishness throughout the sector and the index closed with a acquire of round 600 factors. It fashioned a bullish candle on the every day scale and continued to type greater high and backside for the fifth session in a row. Now it has to maintain the 35,000 degree to witness a bounce in the direction of 35,500 and 36,000 ranges, whereas on the draw back assist exists at 34,500 after which 34,250 ranges.

Nifty futures closed optimistic at 14,888 degree with 0.46% features. On the shares entrance, the commerce setup appeared bullish in Jubilant Foodworks, SBI, Balkrishna Industries, Sun TV, Bank of Baroda, BHEL, Canara Bank, ITC,

, Bajaj Finance, Federal Bank, M&M, Concor, Cummins India, Siemens, Kotak Bank, MFSL, REC and TVS Motor however weak in Asian Paint, , TechM and TCS.

(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are suggested to seek the advice of monetary advisers earlier than taking an funding calls primarily based on these observations)