INSUBCONTINENT EXCLUSIVE:
Nifty50 opened with a marginal loss on Friday amid rising tension in West Asia and started correcting from the word go
The benchmark indices continued to make lower lows for most part of the session
However, due to some pullback towards the fag end, Nifty managed to trim some of the losses and formed a red-bodied candle with a lower
shadow on the daily scale.
The index has been consolidating between 12,118 and 12,293 levels from last 12 sessions and now a decisive range
breakout with follow up action is needed to trigger a fresh leg of rally.
At this juncture, Nifty is hovering around its strong support in
the 12,150 – 12,200 zone, and it has to hold above this zone to witness an up-move towards the 12,300 – 12,350 zone.
On the options
front, maximum Put open interest was at 12,000 followed by 11,500, while maximum Call OI was at 12,500 followed by 12,200 levels
There was Put writing at 12,000 and 12,200 levels, while Call writing was seen at 12,400 and then 12,200
Options data suggested a wider trading range between 12,000 and 12,500 levels.
India VIX moved up 10.49 per cent to 12.69 mark
One has to look at the volatility index if it bottoms out and surpasses the 12-13 zone
In that scenario, the market may see a wider swing.
Bank Nifty underperformed the benchmark indices and formed a negative candle on the
At the current juncture, the banking index is hovering around its key support in the 31,900-32,000 zone and a sustainable move below that
may spoil short-term sentiment of the bulls.
However, if it manages to hold above the 32,000 mark, a bounce towards 32,500 and then 32,750
levels cannot be ruled out
The index has been moving between 31,900 and 32,600 levels for last 13 sessions and needs to break out of the aforementioned zone for a