By Shivangi Sarda
The Nifty index opened damaging by 150 factors nevertheless it managed to carry close to to 15700 zones and witnessed a good restoration in direction of 15850 zones. However it failed to carry at increased zones and moved in a decelerated method with a slight drop within the final hour of the day. It lastly closed with losses of round 50 factors however shaped a Bullish candle on every day scale because it closed increased than its opening zones. India VIX was up by 2.10% from 21.45 to 21.90 ranges. Volatility has been trending upwards from the final three classes which is giving risky swings to the bulls and strain to the index at increased zones.
On Option entrance, Maximum Call OI is at 16000 then 16500 strike whereas Maximum Put OI is at 15500 then 15700 strike. Call writing is seen at 16100 then 16000 strike whereas Put writing is seen at 15700 then 15600 strike. Option knowledge counsel a buying and selling vary in between 15550 to 16100 ranges. Bank Nifty opened damaging by greater than 350 factors and moved in a slender vary of round 200 factors through the day. It shaped a Doji candle on every day body because it closed close to its opening zones with losses of round 370 factors. Formation of small bodied candles from the final couple of session signifies tug of struggle between bulls and bears to make or break 33333 zones decisively.
For month-to-month Bank Nifty, Maximum Put OI is at 33000 then 32000 strike and most Call OI is positioned at 34000 then 35000 strike. We have seen Call writing in 33300 with unwinding at 36000 whereas Put writing is witnessed at 33300 with unwinding at 33500 strike. Now, it has to cross and maintain above 33333 zones for an up transfer in direction of 33750 and 34000 zones whereas helps are positioned at 33000 and 32750 zones. On the sectorial entrance, we witnessed delicate optimistic motion in Auto, metallic and Real Estate whereas weak spot in FMCG, IT, Banks and Financial Services.
Now it has to carry above 15735 zones for an up transfer in direction of 15888 and 16000 zones whereas on the draw back helps shifts to 15650 and 15555 zones. Traders are suggested to purchase on decline with optimistic inventory particular motion in Bosch India, Trent, ONGC, Reliance, Coal India, Petronet, Cummins India, TVS Motor, Indian Hotels Company, ACC, Ashok Leyland, Adani Enterprises, Bharti Airtel, Eicher Motor, ITC, Hindalco and CUB whereas weak spot in RBL Bank, Escorts, AU Bank, HDFC Life, IEX, Bandhan Bank, Axis Bank, Muthoot Finance, Marico and Titan.
(Shivangi Sarda is an Analyst – Equity Derivatives & Technicals, Broking & Distribution, Motilal Oswal Financial Services Ltd. Views expressed are the creator’s personal. Please seek the advice of your monetary advisor earlier than investing.)
Source: www.financialexpress.com”