By Shivangi Sarda
Nifty index opened constructive on Wednesday however failed to carry above 16223 marks and drifted decrease all through the day in the direction of 16006 ranges. It remained weak for essentially the most a part of the day and promoting stress was seen at each small bounce to lastly shut with losses of 100 factors. It fashioned a small-bodied Bearish candle and has began to make decrease lows on a smaller time-frame.
India VIX was down by 1.40% from 25.63 to 25.28 ranges. Volatility is at its greater zones which is giving discomfort to the bulls and desires to come back down for market stability. On the Option entrance, Maximum Call OI is at 16500 then 16200 strike whereas Maximum Put OI is at 15500 then 16000 strike. Significant Call writing is seen at 16200 then 16150 strike whereas Put writing is seen at 15500 with unwinding at 15300 strike. Options information suggests a buying and selling vary between 15800 to 16400 zones.
Bank Nifty opened constructive and remained resilient for the primary half of the session. However, the second half was overpowered by the broader market and it surrendered all its intraday positive aspects. It fashioned a Bearish candle on each day scale with lengthy higher shadow indicating stress at greater zones.
For month-to-month Bank Nifty, Maximum Put OI is at 34000 then 33000 strike and most Call OI is positioned at 35000 then 36000 strike. We have seen Call writing in 34600 whereas Put writing is witnessed at 34500 strike. Now it has to proceed to carry above 34000 zones to witness a bounce in the direction of 34500 and 34750 zones whereas on the draw back assist exists at 33750 and 33666 zones.
On sectoral entrance, other than Banking and Financial Services, all the opposite sectors traded in purple with most weak point seen in IT, Media and Realty sectors.
Now it has to surpass and maintain above 16061 zones for a bounce-back transfer in the direction of 16250 and 16400 zones whereas a transfer beneath 16000 would open a draw back in the direction of 15800 zones. Traders are suggested to remain mild with a constructive inventory particular motion in Concor, Balkrishna, NTPC, HDFC Life, ICICI Pru, HDFC and Britania whereas weak point in Asian Paint, Lal Path Labs, Berger Paint, Coforge, L&TFH, Mphasis, Mindtree, Deepakntr, DLF, SAIL, LTI, NMDC, Tatachem, Divislabs, UPL, Mcdowell, Poly Cab, Jublfood, Techm and TCS.
(Shivangi Sarda is an Analyst – Equity Derivatives & Technicals, Broking & Distribution, Motilal Oswal Financial Services Ltd. Views expressed are the writer’s personal. Please seek the advice of your monetary advisor earlier than investing.)
Source: www.financialexpress.com”