Stock Market

F O: Nifty must hold 11,250 to bounce towards 11,333, 11,400

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By Chandan Taparia Nifty50 failed to surpass the 11,300 level on Thursday and drifted towards the 11,200 level, as it remained under pressure for most part of the session.

It formed an Inside Bar on the daily scale after having traded in the range of previous session. The index took support near the 11,100 level, but follow-up buying was missing at higher levels.

Now it needs to hold above 11,250 level to witness a bounce towards 11,333 and then 11,400 levels, while a major support is seen at 11,100 level on the downside. On the options front, maximum Put open interest was at 11,000 followed by 11,200 levels, while maximum Call OI was at 11,500 followed by 12,000 levels.

Marginal Call writing was seen at 11,300 and then 11,700 levels, while there was Put unwinding at 11,200.

Options data suggested a wider trading range between 11,000 and 11,600 levels. India VIX moved up 0.39 per cent to 17.22 level. Bank Nifty opened negative and wiped out most of the gains of the previous session as it drifted towards the 27,900 mark.

It formed a Bearish Belt Hold candle on the daily scale amid sustained selling pressure at higher levels, and underperformed the benchmark Nifty.

It has been stuck in a wider trading range between 27,500 and 28,800 levels from past five sessions and volatile swings are likely to continue in this wide range. The index now needs to hold and sustain above 28,250 level to witness a bounce towards 28,550- 28,800 zone, while major support on the downside is seen at 27,500. Nifty futures closed negative at 11,258 with a loss of 0.79 per cent.

Long buildup was seen in Torrent Pharma, Berger Paints, Pidilite Industries, Bharti Airtel and BEL while shorts were seen in Nalco, Indiabulls Housing Finance, Just Dial, Aurobindo Pharma and Muthoot Finance. (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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Category: Stock Market


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