Nifty on Tuesday opened negative on account of weak global cues and remained under pressure for most part of the session. The index remained consolidative, as it failed to hold the intraday bounce in the second half of the session and settled with a loss of around 65 points. It formed a bearish candle and negated the formation of higher lows of last three sessions. Now, it has to hold above 15,700 level to witness a rise towards 15,900 and 16,000 levels while on the downside support can be seen at 15,600 and 15,500 levels.
India VIX fell 2.97 per cent from 13.40 to 13 level. The fear gauge failed to move above 16-16.50 zone in the last three weeks and hovered near the lowest level of last 17 months. Lower volatility indicates an overall bullish market bias, but a small bounce in VIX can give some volatile cues to the market.
On the options front, maximum Put Open Interest stood at 15,500 level followed by 15,000 while maximum Call OI was seen at 16,000 level followed by 16,500. There was Call writing at strike prices 15,800 and 16,000 while Put writing was seen at 15,500 and 15,000 levels. Options data suggested a wider trading range between 15,500 and 16,200 levels and an immediate range between 15,600 and 16,000 levels.
Bank Nifty opened negative and drifted lower to 34,900 level. It witnessed weakness and a profit booking decline and as a result thr index closed with a loss of around 350 points. It formed a bearish candle on the daily scale and negated the formation of higher lows of last three sessions. Now it has to hold above 35,000 level to move up towards 35,250 and 35,500 levels, while on the downside, support exists at 34,750 and 34,500 levels.
Nifty futures closed negative with a loss of 0.38 per cent at 15,795 level. Among specific stocks, the trade setup looked bullish in Marico,
, IGL, , UBL, , Divi’s Lab, Powergrid and Dr Reddy but weak in , Can Bank, , ONGC, IOC, IDFCfirst Bank, PVR, Bata India, , M&M, , Havells, Hindpetro and Cholafin.
(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
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