F&O: Nifty50 range shifts to 15,500-15,850; VIX at 15.74

Nifty opened with a gap up on Thursday and after showing immense strength in the initial tick, it took a pause and again rallied in the second half of the session. It crossed recent high of 15,660 and made a new lifetime high at 15,705. Technically, it formed a bullish candle with lower shadow on daily scale, which indicated that every small decline is being bought in the market. Now, it has to hold above 15,600 level to witness an upmove towards the fresh lifetime highs of 15,800 and 16,000, while on the downside support exists at 15,550 and 15,431 levels.

India VIX fell 8.51% from 17.21 to 15.74. The fear gauge is near its lowest level of last 17 months since February 2020 and a falling VIX can extend the bullish market momentum towards a new high territory.

On the options front, maximum Put Open Interest stood at 15,000 level followed by 14,500 while maximum Call OI was seen at 16,000 followed by 15,500 levels. Minor Call writing was seen at strike price 15,900 and then 16,200, while there was Put writing at 15,200 and then 15,300. Options data suggested a trading range between 15,000 and 16,000 levels while the immediate trading range is seen between 15,500 and 15,850.
Bank Nifty opened with a gap up and continued its bullish stance towards 35,750 level. It formed a bullish candle on the daily scale and closed the session with a gain of around 280 points. Now it has to hold above 35,500 level to witness a bounce towards 36,000 and 36,250 levels, while on the downside support exists at 35,250 and 35,000 levels.

Nifty futures closed positive with a gain of 0.63% at 15,714 level. Among specific stocks, the trade setup looked bullish in Voltas, Titan, Muthootfin, ONGC, , Apollo Hospital, Jublfood, Lichsgfin, Eicher Motor, LT, Adanient, Siemens, Havells, Concor, Axis Bank, SBIN and Bajfinance but weak in , Biocon, Hcltech and M&M.