F&O: Nifty trading range shifts to 15,000-15,400 levels; VIX falls below 19 level

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The Nifty index opened with a spot up at 15,291 level on Tuesday, however witnessed stress at greater zones and consolidated in a broader range to settle the day on a flattish be aware. The index has been forming greater highs and better lows for the final three trading classes. Technically, it shaped a bearish candle with a protracted decrease shadow on the day by day chart.

Now, it has to maintain above 15,150 level to witness an up transfer in the direction of 15,300 after which lifetime excessive of 15,431-mark, whereas on the draw back, assist exists at 15,100 and 15,000 zones.

India VIX fell down by 1.50 per cent from 19.13 to 18.84 ranges. India VIX wants to maintain below the 20 zone to prolong the bullish market momentum in the direction of new lifetime territory.

On the choice entrance, most Put Open Interest was seen at 15,000 level, adopted by 14,500, whereas most Call OI was seen at 15,500 adopted by 15,300 level. Call writing was seen at 15,300 and 15,350 ranges, whereas Put writing was seen at 15,200 and 15,100 ranges. Option information suggests a trading range between 15,000 and 15,400 zones.

Bank Nifty opened on a optimistic be aware, however couldn’t cross its earlier day’s highs and moved in a range all through the day. Banking shares underperformed the broader market and the index closed with losses of round 280 factors. It shaped a bearish candle on the day by day scale and negated its greater highs and lows formation of the final two classes. Now, it has to maintain above the 34,500 level to witness an up transfer in the direction of 35,000 and 35,250 ranges, whereas on the draw back, assist exists at 34,250 and 34,000 ranges.

On the shares entrance, bullish setup was seen in Concor,

, Asian Paints, Titan, , , Page Industries, MFSL, BHEL, UBL, Indigo, Jubilant Food, TCS, HCL Tech and TechMahindra, whereas weak point was seen in Amara Raja Battery, Cummis, M&M (*19*), , Havells, Coal India and Reliance.

(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are suggested to seek the advice of monetary advisers earlier than taking an funding calls based mostly on these observations)

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