F&O: Nifty range widens, but buying on dips holds market

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Nifty on Monday opened flat to negative and breached its previous day’s low in the initial tick. However it recovered by more than 100 points thereafter and closed flattish near its opening level. It formed a Doji sort of candle on daily scale with a longer lower shadow, which indicates declines are being bought into. Now it has to continue to hold above 17,300 zone to extend the move towards 17 500 and 17,777 levels while on the downside support is seen at 17,250 and 17,100 levels.

India VIX moved up 0.61 per cent from 13.94 to 14.02 level. India VIX needs to hold below 13 level to continue the bullish momentum.

On the options front, maximum Put Open Interesr was seen at 17,000 followed by 16,500 levels while maximum Call OI stood at 17,500 followed by 17,400 levels. Call writing was seen at 17,300 snd then 17 800 levels, while there was Put writing at 17,300 and 17,200 strikes. Options data suggested a broader trading range between 17,000 and 17,800 levels, while the immediate trading range was seen between 17,200 and 17 500 levels.

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Bank Nifty opened negative and drooled downwards to 36,327 level. A profit booking decline in banking stocks weakened the index and it underperformed the market. It formed a bearish candle on the daily scale with longer shadows on either side. Now it has to hold above 36,500 level to witness a bounce towards 36,850 and 37 000 levels while on the downside support was seen at 36,250 and then 36,000 levels.

Nifty futures closed flat to negative at 17,362 level. Among specific stocks, the trade setup was bullish in Syngene, IGL, Astral, Mindtree, IRCTC, Coal India, SRF, Hindalco, Deepak Nitrite, HAL, PFC,

, , , Metropolis, Tata Steel, BPCL, India, Kotak Bank, TCS, and Godrej Consumer Products but weak in AU Bank, ICICI Bank, Siemens, BHEL, Glenmark and SBI Life.

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(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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