Getty ImagesNifty opened positive above 15,700 level and touched yet another lifetime high of 15,733 in the first half of Friday's session. However, the second half of the day saw the market put up a muted performance and the index settled with a loss of around 20 points. It formed a small bearish candle on the daily chart and a bullish candle with higher highs on the weekly scale.
The index continued to form higher highs and lows for the past four weeks. Now, it has to hold above 15,600 level to witness a bounce towards a fresh life time high of 15,800 and 16,000 levels while on the downside support exists at 15,550 and 15,431 levels.
India VIX moved up 1.27% from 15.74 to 15.94 level. The fear gauge is near to its lowest level in last 17 months since February 2020 and a falling VIX could 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 prices 16,000 and then 15,700 while there was Put writing at 15,000 and then 15,500. Options data suggests a trading range between 15,000 and 16,000 levels while the immediate trading range is seen between 15,500 and 15,850 levels.
Bank Nifty opened slightly positive but underperformed the broader market. It mostly traded southwards during the day and finally closed the session with a loss of around 360 points. It formed a bearish candle on the daily scale, but continued to form higher highs and lows. Now it has to hold above 35,250 level to witness a bounce towards 35,750 and 36,000 levels, while on the downside, support exists at 35,000 and 34,750 levels.
Nifty futures closed flat to negative with a loss of 0.08% at 15,700 level. Among specific stocks, there trade setup looked bullish in Bharatforg, Adanient, Lichsgfin, , PEL, L&TFH, Ashokley, NMDC, Hindpetro, Tatamotors, Grasim, Tatachem, Bajajfinserv, Mcdowell, L&T and BHEL and weak in Nestleind, RBL Bank, Can Bank, Auro Pharma, Suntv and HUL.
The index continued to form higher highs and lows for the past four weeks. Now, it has to hold above 15,600 level to witness a bounce towards a fresh life time high of 15,800 and 16,000 levels while on the downside support exists at 15,550 and 15,431 levels.
India VIX moved up 1.27% from 15.74 to 15.94 level. The fear gauge is near to its lowest level in last 17 months since February 2020 and a falling VIX could 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 prices 16,000 and then 15,700 while there was Put writing at 15,000 and then 15,500. Options data suggests a trading range between 15,000 and 16,000 levels while the immediate trading range is seen between 15,500 and 15,850 levels.
Bank Nifty opened slightly positive but underperformed the broader market. It mostly traded southwards during the day and finally closed the session with a loss of around 360 points. It formed a bearish candle on the daily scale, but continued to form higher highs and lows. Now it has to hold above 35,250 level to witness a bounce towards 35,750 and 36,000 levels, while on the downside, support exists at 35,000 and 34,750 levels.
Nifty futures closed flat to negative with a loss of 0.08% at 15,700 level. Among specific stocks, there trade setup looked bullish in Bharatforg, Adanient, Lichsgfin, , PEL, L&TFH, Ashokley, NMDC, Hindpetro, Tatamotors, Grasim, Tatachem, Bajajfinserv, Mcdowell, L&T and BHEL and weak in Nestleind, RBL Bank, Can Bank, Auro Pharma, Suntv and HUL.
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