*Pre-Market Derivatives and Technical Set-up*
● Nifty opened on a positive note and continues soaring higher by making new lifetime high of 13435 marks. It traded in wider range of 100 points but ended with gains of 35 points to close near 13400 zones. It formed a Doji candle on daily scale but forming higher highs- higher lows from last seven trading sessions
● Now it has to continue to hold above 13200 zones to witness an up move towards 13500 then 13750 levels while on the downside major support exists at 13000 zones
● India VIX was up by 3.28% from 18.02 to 18.61. Overall lower levels of volatility suggests that Bulls are holding the tight grip and any small decline could be bought in the market
● On option front, Maximum Put OI is at 13000 followed by 12000 strike while maximum Call OI is at 13000 followed by 13500 strike. Marginal Call writing is seen at 13400 strike and unwinding at 14000 strike while Put writing is seen at 13000 then 13400 strike. Option data suggests an immediate trading range in between 13200 to 13500 zones
● Bank Nifty opened marginally higher but it consolidated in between 30050 to 30350 zones for most part of the session. It formed a small bodied candle on daily scale and continues to form higher lows from the last four trading sessions
● Now it has to hold above 30000 zones to witness an upmove towards 30500 then 30800-31000 zones while on the down side support exists at 29800 then 29500 levels
● Bullish setup in Ultratech Cement, Reliance Ind, TCS, Infy, Canara Bank and Bank of Baroda
● Bearish setup in Bajaj finance, Jindal steel, Asian paints, Lupin and Sunpharma
● Nifty opened on a positive note and continues soaring higher by making new lifetime high of 13435 marks. It traded in wider range of 100 points but ended with gains of 35 points to close near 13400 zones. It formed a Doji candle on daily scale but forming higher highs- higher lows from last seven trading sessions
● Now it has to continue to hold above 13200 zones to witness an up move towards 13500 then 13750 levels while on the downside major support exists at 13000 zones
● India VIX was up by 3.28% from 18.02 to 18.61. Overall lower levels of volatility suggests that Bulls are holding the tight grip and any small decline could be bought in the market
● On option front, Maximum Put OI is at 13000 followed by 12000 strike while maximum Call OI is at 13000 followed by 13500 strike. Marginal Call writing is seen at 13400 strike and unwinding at 14000 strike while Put writing is seen at 13000 then 13400 strike. Option data suggests an immediate trading range in between 13200 to 13500 zones
● Bank Nifty opened marginally higher but it consolidated in between 30050 to 30350 zones for most part of the session. It formed a small bodied candle on daily scale and continues to form higher lows from the last four trading sessions
● Now it has to hold above 30000 zones to witness an upmove towards 30500 then 30800-31000 zones while on the down side support exists at 29800 then 29500 levels
● Bullish setup in Ultratech Cement, Reliance Ind, TCS, Infy, Canara Bank and Bank of Baroda
● Bearish setup in Bajaj finance, Jindal steel, Asian paints, Lupin and Sunpharma
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