F&O: Nifty range shifts to 14,900-15400 level; VIX moves up marginally

The Nifty index opened on a positive note, but remained consolidative in a range of 100 points between 15150 and 15250 zones. Even though it was muted for most part of the day, sustained buying interest was seen at every small decline. Technically, it formed a small bodied candle on the daily scale, while it has been forming higher high and higher lows for the last two sessions.

Now, it has to hold above 15,150 level to witness an up move towards 15,300 and then the lifetime high of 15,431, while on the downside, support exists at 15,000 and 14,900 levels.

India VIX marginally moved up by 0.26% from 19.08 to 19.13 levels. India VIX needs to hold below 20 level to extend the bullish market momentum towards new lifetime territory.

On the options front, maximum Put Open Interest stood at 15,000 level followed by 14,500 strike, while maximum Call OI was seen at 15,500 followed by 15,300 levels. Call writing was seen at 15,300 and 15,400, while Put writing was seen at 15,200 and 15,000. Option data suggested a broader trading range between 14,900 and 15400 levels.

Bank Nifty opened positive, but traded in a consolidative manner with the emergence of buying interest on declines. It touched 35,200 level during the day and settled the day with gains of around 340 points. It formed a Doji sort of candle on the daily chart, but is forming higher highs and lows for the last two sessions. Now it has to hold above 34,750 level to witness an up move towards 35,250 and 35,500 levels, while on the downside, support exists at 34,500 and 34,250 levels.

Nifty future closed flat to negative with a loss of 0.11% at 15,190 levels. On the stocks front, bullish setup was seen in Concor, IOC, PNB, Pidilitind, Exide Ind,

, IDFC First Bank, BPCL, Berger Paint, L&T, ICICI Pru, UPL, Bata India and , while weakness was seen in Amaraja Battery, Tata Steel, Titan, Indus Tower, Havells and .

(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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