By Shivangi Sarda
Nifty opened flattish and after a slight decline within the preliminary tick, shopping for was seen at declines that are giving energy to the index. It is transferring in a optimistic to range-bound method. Till the index holds above key degree of 17450, it can as soon as bounce in direction of 17777 zones. Market breadth continues to be in favor of the advancing counters indicating stock-specific action on the street.
India VIX is buying and selling at increased ranges and desires to calm down beneath 16-15 zones for stability within the market. On the Option entrance, Maximum Call OI is at 17600 then 17500 strike whereas Maximum Put OI is at 17400 then 17000 strike. Call writing is seen at 17600 then 17700 strike whereas Put writing is seen at 17400 then 17500 strike. Option knowledge suggests one more shift in buying and selling vary in between 17200 to 17700 zones.
Bank Nifty opened unfavourable and has been in stress comparatively. It is rebounding after breaching its earlier day’s low ranges. Support has shifted to 37000 ranges whereas an upside hurdle exists at 37777 zones.
On the sectoral entrance, IT, Realty, Pharma and Media shares are buying and selling within the optimistic territory whereas all the opposite sectors are buying and selling within the unfavourable territory out of which Auto, FMCG and Banking shares are going through essentially the most weak point. We are witnessing lengthy formation in shares like Motherson Sumi, Apollo Hospital, Kotak Bank, Infosys, TVS Motor, Dalmia Bharat, BEL, Tata Consumer, Ultracemco, Titan and so forth. whereas quick build-up is seen in counters like LT, Asian Paint, SBI Card, Eicher Motors, Marico, PVR, Indigo, Balkrishna, Maruti, Adani Ports and so forth.
Nifty and Bank Nifty are recovering from decrease ranges and one can purchase on decline until it holds key help ranges to play help based mostly bounce again transfer. Traders are suggested to play stock particular action.
(Shivangi Sarda is a Quantitative Analyst, Derivatives and Technical Research, Motilal Oswal Financial Services. Views expressed are the writer’s personal. Please seek the advice of your monetary advisor earlier than investing.