INSUBCONTINENT EXCLUSIVE:
By Chandan TapariaThe Nifty50 index continued its positive momentum for the fifth consecutive session on Wednesday and extended towards the
It has been making higher highs and lows for last four sessions and supports are shifting higher gradually
However, it traded the session with a positive bias but remained in a range of 40 points and formed a Small Bodied Candle similar to a
Spinning Top on the daily scale
Now, it has to hold the formation of higher highs and lows and only then can it head towards the next hurdle at 11,111 and then 11,141
levels, while on the downside supports are seen at 10,950 and then 10,929 levels.
On the options front, maximum Put open interest was at
10,800 followed by 11,000 levels, while maximum Call OI was at 11,200 followed by 11,500 levels
Minor Call writing at 11300 and 11200 strike while Put writing was seen at 10,900 and the 11,000 level
The options data suggested a trading range between 10,800 and 11,250 levels.
India VIX fell 3.01 per cent to 15.37 level
It has been making lower highs and lows for last four sessions, and recently corrected from 18.31 to 15 level, providing some stability to
the market.
Bank Nifty has been forming higher highs and lows from last four sessions and supports are shifting higher
It formed a bullish candle on the daily scale and surpassed the falling supply trend line by connecting the swing highs of 31,660, 30,769,
Now it has to hold above 27,500 to witness further move towards 28,000 and then 28,300- 28,500 zone, while medium-term supports shifted to
27,250 level.
Nifty futures closed positive at 11,046 with 0.19 per cent gain
Long buildup was seen in Escorts, CESC, Tata Motors, Jubilant Foodworks, Maruti and RBL Bank while shorts were seen in ICICI Prudential,
Apollo Hospital, GAIL and Just Dial.
(
Chandan Taparia is Technical - Derivative Analyst at MOFSL
Investors are advised to consult financial advisers before taking an investment calls based on these observations)
