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Nifty on Monday opened with a gap up above 14,900 level and traded in a 70-point range throughout the day. The index moved in the positive territory and sustained at higher level before concluding the day with a gain of around 120 points.
The index formed a small-bodied candle on the daily scale, as it closed near the opening mark and formed a higher low for the fifth session in a row.
Now, the index has to hold above 14,850 level to witness a bounce towards 15,050 and 15,150 levels, while support on the downside exists at 14,800 and 14,700 levels.
India VIX fell 2.86% from 20.82 to 20.22 levels. The fear gauge needs to hold below 20 level to again attract a bullish stance.
On the options front, maximum Put Open Interest stood at 14,000 level followed by 13,500, while maximum Call OI was seen at 15,000 followed by 15,500 levels. There was Call writing at strike prices 15,700 and 15,400, while Put writing was seen at 14,000 and 14,500 levels. Options data suggested a wider trading range between 14,500 and 15,200 levels, while the immediate trading range lay between 14,800 and 15,100 level.
Bank Nifty opened with a gap up and moved in a consolidative manner as it held above 33,000 level. It formed a Doji candle in a narrow trading zone of 250 points on the daily scale even as it continued to form higher highs and lows for the third session in a row.
Now, the index has to hold above 33,000 level to witness a bounce towards 33,333 and 33,500 levels, while on the downside, support exists at 32,750 and 32,500 levels.
Nifty futures closed positive with a gain of 0.82% at 14,991 level. Among specific stocks, the trade setup looked bullish in BHEL, NMDC, , , UPL, Tata Power, Nalco, Motherson Sumi, Hindalco, Torrent Pharma, Glenmark, Tata Motors, Vedanta, L&T, Cadila, , Tata Steel, , GAIL, NTPC, Divi’s Labs, BPCL and Wipro but weak in PNB, Dabur, Britannia, Ramco Cement, Infosys and HCL Tech.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
The index formed a small-bodied candle on the daily scale, as it closed near the opening mark and formed a higher low for the fifth session in a row.
Now, the index has to hold above 14,850 level to witness a bounce towards 15,050 and 15,150 levels, while support on the downside exists at 14,800 and 14,700 levels.
India VIX fell 2.86% from 20.82 to 20.22 levels. The fear gauge needs to hold below 20 level to again attract a bullish stance.
On the options front, maximum Put Open Interest stood at 14,000 level followed by 13,500, while maximum Call OI was seen at 15,000 followed by 15,500 levels. There was Call writing at strike prices 15,700 and 15,400, while Put writing was seen at 14,000 and 14,500 levels. Options data suggested a wider trading range between 14,500 and 15,200 levels, while the immediate trading range lay between 14,800 and 15,100 level.
Bank Nifty opened with a gap up and moved in a consolidative manner as it held above 33,000 level. It formed a Doji candle in a narrow trading zone of 250 points on the daily scale even as it continued to form higher highs and lows for the third session in a row.
Now, the index has to hold above 33,000 level to witness a bounce towards 33,333 and 33,500 levels, while on the downside, support exists at 32,750 and 32,500 levels.
Nifty futures closed positive with a gain of 0.82% at 14,991 level. Among specific stocks, the trade setup looked bullish in BHEL, NMDC, , , UPL, Tata Power, Nalco, Motherson Sumi, Hindalco, Torrent Pharma, Glenmark, Tata Motors, Vedanta, L&T, Cadila, , Tata Steel, , GAIL, NTPC, Divi’s Labs, BPCL and Wipro but weak in PNB, Dabur, Britannia, Ramco Cement, Infosys and HCL Tech.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. 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.)
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