F&O: Nifty range widens to 12,700-13,200; cooling VIX aiding bulls

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By Chandan Taparia


Nifty on Wednesday opened flat, but managed to hold higher lows and witnessed buying interest to hit a new record lifetime high. The index saw a small dip in the initial half of trade, but the latter part of the session was dominated by the bulls. The index closed the session, making a new high at 12,948 yet again, with 63 points gain. It formed a bullish candle on the daily scale and continued to form higher lows for last three sessions.

Now, the index has to hold above 12,800 level to witness a bounce towards 13,000 and 13,200 levels, while major support exists at 12,750 level on the downside.

India VIX slipped 3.43 per cent from 19.13 to 19.12 levels. Volatility has cooled down significantly, but needs to continue at lower levels to ride the momentum with a higher market base.

On the options front, maximum Put open interest stood at 12,000 level followed by 12,500 while maximum Call OI was seen at 13,000 followed by 13,500 levels. There was marginal Call writing at strike prices 13,500 and 13,200 levels and Put writing at 12,800 and 12,900. Options data suggested a wider trading range between 12,700 and 13,200 levels.

Bank Nifty opened positive and witnessed strong momentum in all the banking stocks. The index headed towards the 29,800 level and settled the session with handsome gains of more than 500 points. It formed a Strong Bullish Candle on the daily scale and continued its positive streak for the fourth consecutive session. Now it has to hold above 29,500 level to witness a bounce towards 30,000 level and then 30,300-30,500 zone, while supports on the downside exist at 29,200 and 29,000 levels.

Nifty futures closed positive at 12,964 level with 0.64 per cent gain. The trade setup looked positive in M&M, Tata Motors, M&M Financials, L&T, SBI, LIC Housing Finance, Motherson Sumi, Bajaj Finance, Bata India, MGL, Chola Finance, Ashok Leyland, IndiGo, IGL and Jubilant Foodworks but weak in BPCL, HUL, Dr Reddy’s, TCS and Dabur.

(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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